The Antimonopoly Committee of Ukraine (AMCU) has authorized Cliff Capital Growth Fund Vcic Ltd (Cyprus), a company associated with Kovalska ICG, to acquire a stake in Unit B04 LLC.
According to the committee’s decision of February 8, the Cypriot company received permission to acquire a stake that ensures exceeding 50% of the votes in Unit B04’s supreme management body.
Kovalska Group CEO Serhiy Pylypenko told Interfax-Ukraine that Kovalska Real Estate was the developer of B04.
“Now, by increasing our share in the property through a shareholder company, we intend to become the sole owner of this ultra-modern facility,” Pylypenko said.
According to Opendatabot, Cliff Capital Growth Fund Vcic Ltd currently owns 50% of the B04 building of the Unit.City innovation park. Another 50% is owned by Unit Holdings LLC, the ultimate beneficiary of which is businessman Vasyl Khmelnytsky.
As reported, the AMCU approved the acquisition of Kovalska’s stake in buildings B04 and B06 from Unit.City in 2021. The group planned to invest $70 million in the construction of five business centers in Unit.City – B01, B02, B03, B04, B06.
The Cliff Capital Growth investment fund is managed by Guardo Assets Management, which also manages the Aksioma, A Realty, AC Real, and Vingis funds.
Kovalska Industrial and Construction Group has been operating in the Ukrainian construction market since 1956. It unites more than 20 enterprises in the field of raw materials extraction, production and construction. Its products are represented by the brands Concrete by Kovalska, Avenue, and Siltek. Kovalska’s enterprises operate in Kyiv, Zhytomyr, Lviv, and Chernihiv regions. The aerated concrete plant in Kherson region has not been operating since the beginning of the occupation. The group also includes Kovalska Real Estate, which is engaged in the construction of residential properties in Kyiv. Its portfolio includes more than 20 completed residential projects.
