Introduction:
For an investor, a building’s floor area, its architecture or the number of tenants are only relevant once a fundamental question has been answered: is the state capable of guaranteeing the protection of property rights and the fulfilment of financial obligations?
That is precisely why the story of the Gulliver multifunctional complex (MFC) extends far beyond the property market. It has become some sort of a test for state institutions, the banking system and the legal mechanisms for protecting creditors’ rights. Its outcome will have implications for the country’s investment attractiveness and, consequently, for its entire economy.
The auction for the sale of the Gulliver MFC was announced on the Prozorro.Sale website on 31 August 2026.
More than just the return of the deposit
The Gulliver MFC, one of the country’s largest multifunctional complexes, is located in the centre of Kyiv. Shopping arcades, grade A offices, restaurants, service spaces, a modern car parking and excellent transport links have shaped a property that has remained one of Ukraine’s most famous commercial assets for many years.
However, it is no longer its commercial appeal or architecture that is attracting attention today, but the story of its transformation as an asset.
Its sale, already announced by a consortium comprising the state-owned Oschadbank and Ukreximbank, marks the final stage of the banking consortium’s long-standing efforts to recover collateral for one of the largest non-performing corporate loans in the history of the Ukrainian banking system.
The consortium of state-owned banks began lending to the investment project for the construction of the Gulliver MFC in 2006, and the facility was commissioned in 2014. Despite several restructurings and attempts to settle the debt, from June 2024 the borrower, Tri O LLC, began reducing its payments to the banks until it ceased servicing the debt altogether.
Two state-owned banks initiated foreclosure proceedings on the mortgaged property in March 2025 after the debtor had effectively ceased cooperation with the banks. On 26 July 2025, following the completion of all legal procedures, ownership of the complex was transferred to the consortium of state-owned banks: Oschadbank acquired 80% of the asset, with Ukreximbank acquiring the remaining 20%.
In banking practice, the foreclosure on the mortgaged property is a routine part of the financial system’s operations. However, as a rule, this process takes place solely within the legal framework. This is precisely why this case attracted the attention of the professional community – despite not only legal proceedings but also active resistance from the former owner regarding the transfer of the facility, the consortium of state-owned banks nevertheless ensured the functioning of Gulliver and, ultimately, prepared it for public sale.
‘The Gulliver case has significance far beyond the banking sector. For us, it is first and foremost a story about investment. Oschadbank is one of the largest partners to Ukrainian businesses in financing investment projects, so we are keen to ensure that such high-quality assets find effective owners and continue to develop. The sale of Gulliver will send an important signal to Ukrainian and international investors that legal mechanisms for protecting creditors’ rights are working in Ukraine, and that large investment assets can return to the open market and be sold transparently and on competitive terms,” says Yurii Katsion, Chairman of the Management Board of Oschadbank.
A new phase in the asset’s life
Immediately after the complex came under the control of the banking consortium in 2025, the primary task was not to manage the commercial property as a business, but to stabilise the facility’s operations. The banks carried out a technical audit, restored the engineering systems, ensured uninterrupted operations and kept the main pool of tenants.
This approach is in line with the practice of the world’s largest financial institutions. A bank does not become a long-term developer. Its task is to restore the asset’s market liquidity, ensure transparency in management and create the conditions for a new owner to take over.
For potential investors, this significantly changes the quality of the asset itself. It is no longer a distressed property with an uncertain future, but a functioning complex that generates operating returns and is preparing for an open market sale.
A precedent that influences the investment climate
In international competitiveness rankings and assessments of investment attractiveness, it is not only macroeconomics that plays a significant role. Investors carefully assess the fairness of the judicial system, the level of creditor protection, the transparency of procedures and the ability of state institutions to fulfil their functions. This is precisely why the Gulliver case is of systemic importance.
This assessment goes beyond the interests of a single bank. It concerns the entire financial system. After all, the more effectively the mechanism for secured loans works, the more opportunities businesses have to attract financing. Banks can assess risks more accurately, international financial organisations can engage more actively with the Ukrainian market, and investors can view the country as a jurisdiction with clear rules.
Why Gulliver?
Commercial real estate on this scale rarely comes onto the open market, not only because of its value but also because of its scarcity.
In most European capitals, landmark multifunctional complexes have long been part of the portfolios of international investment companies, REITs, insurance or pension funds. For example, Westfield London is owned by Unibail-Rodamco-Westfield, dozens of the largest shopping centres in France, Italy and Central Europe are owned by Klépierre, and a significant proportion of London’s premium commercial real estate is owned by Land Securities and British Land. This is precisely how a mature market operates, where such assets are viewed not as one-time development projects, but as long-term investment instruments.
Gulliver has characteristics that underpin its long-term value: a central location, a diversified revenue model, an established brand, modern infrastructure and stable demand from tenants.
Following the resumption of operations, the complex has once again become a full-fledged player in the Kyiv commercial property market. This is why its future sale may attract interest not only from Ukrainian companies. It is one of a few assets of this scale that could become the subject of open investment competition.
Of course, the realities of the war in Ukraine have a significant impact on the sentiment of traditional, conservative investors. However, for players with a higher appetite for risk, another fundamental rule applies: risk today translates into exceptionally high returns tomorrow. For those ready to invest in Ukraine right now, acquiring the Gulliver MFC is a unique opportunity to gain a stake in a first-class asset at a stage when the market is factoring in the maximum premium for the military challenges, guaranteeing colossal potential for growth in market capitalisation once the situation stabilises.
That is why the story of Gulliver today is not merely a case study of the remarkably effective operations of state-owned banks. It is also a story of trust. Trust in the country’s financial system. Trust in state institutions. Trust in the rules that are gradually taking on practical significance.
And examples like this are badly needed for the country that, despite the war and the enormous strain, is still maintaining financial stability.