The auction for the sale of the Gulliver shopping and office complex in Kyiv did not take place due to a lack of bids, Oschadbank reported Wednesday evening on its Telegram channel.
“In light of this, the supervisory boards of Oschadbank and Ukreximbank will determine the further strategy for selling the asset, taking into account market conditions, the readiness of potential investors, and security risks,” the statement noted.
As previously reported, the state-owned Oschadbank and Ukreximbank put the Gulliver TOK up for public auction via the “Prozorro.Sales” system in late August with a starting price of 9.2355 billion UAH (excluding VAT) ($207 million).
The lot included a retail and office complex with a parking lot totaling 151,805 thousand square meters on Sportivna Square, 1-A in Kyiv, and two land plots with a combined area of 1.2512 hectares. Oschadbank holds an 80% stake in the property, while Ukreximbank holds 20%.
The sale was intended to be the final stage in the foreclosure of collateral for one of the largest non-performing corporate loans in the banking system.
A consortium of state-owned banks began financing the construction of the complex in 2006, and it was commissioned in 2014. Following several restructurings, Tri O LLC, which owned Gulliver, began reducing its loan payments in June 2024 and subsequently ceased servicing the debt entirely.
On July 26, 2025, a decision was made to register the ownership rights to the complex in the name of a consortium comprising Oschadbank and Ukreximbank as a result of foreclosure on the mortgaged property due to “Tri O” LLC’s failure to fulfill its obligations under the loan agreement.
In late October 2025, Oschadbank’s Emergency Commission deemed the situation dangerous to people and the complex’s operation, particularly due to the refusal of “Tri O” LLC employees to transfer control of critical engineering systems to the bank. In December, the bank began gradually reopening the complex after addressing some of the causes of the emergency.
Gulliver Shopping and Entertainment Center
