The State Property Fund has completed the valuation of the Ukraina Hotel and plans to hold an auction for its privatization in late summer 2024, and for the Ocean Plaza shopping mall in the second half of the year, Vitaliy Koval, the head of the SPF, said in an interview with Mind.
“We have already completed the valuation of the hotel, which amounts to UAH 1.039 billion excluding VAT. We are now preparing for the auction, which we plan to hold in late summer, maybe even in the third quarter,” he said.
According to the SPF head, foreign operators are interested in privatizing the Ukraina Hotel, in particular, as they are considering upgrading it to a five-star hotel.
In addition, according to him, more than three bidders are considering participation in the auction for the privatization of the Ocean Plaza shopping center, and the Fund has received inquiries from investment funds and development companies.
As reported, the Ukraina Hotel is a state-owned enterprise managed by the SPF. It has 363 rooms, six conference halls, and meeting rooms. There is a parking lot for 80 cars and a shelter with a separate auditorium for 50 people. At the same time, the hotel’s debt is over UAH 45 million.
Ocean Plaza was opened in Kyiv in December 2012 at 176 Antonovycha Street. Its total area is 165 thousand square meters. Investments in the facility amounted to approximately $300 million. UDP and K.A.N. Development LLC acted as partners in the development of the project.
The mall was sold to Arkady Rotenberg’s Russian TPS Real Estate in 2012. Later, in 2019, Ukrainian businessman Vasyl Khmelnytsky indirectly acquired a 33.5% stake in Ocean Plaza through UPD Holdings Limited. In 2021, he sold his stake to entrepreneur Andriy Ivanov. The deal was finalized in the summer of 2023.
In June 2023, the Cabinet of Ministers transferred a 66.65% stake in the authorized capital of Lybid Investment Union LLC, which owns the mall, to the SPFU for further privatization.
HOTEL, OCEAN PLAZA, SHOPPING CENTER, STATE PROPERTY FUND
