Dragon Capital Property Management has opened the Piramida Business Center (Kyiv, 4 Oleksandra Mishuga St.), with the Dobrobut medical network set to become the anchor tenant, according to the company’s press service.
The Piramida Business Center was built as part of the renovation of the Piramida shopping center in the capital. The six-story business center, with an area of 4,880 square meters, is adjacent to the shopping center, has a separate entrance with a lobby, and is connected to the shopping center via a passageway on the second floor.
“For us as investors, the commissioning of the Piramida Business Center marks the culmination of the phased renovation of the shopping center, which we began back in 2020. Unfortunately, the full-scale invasion somewhat delayed the completion of the office portion of the project. So today we are especially pleased to complete the project without postponing it until the end of hostilities,” said Volodymyr Tymochko, Managing Director of Direct Investments at Dragon Capital.
He announced the signing of a long-term lease agreement with the private medical network “Dobrobut,” which will occupy two floors with a total area of 1,560 sq. m and serve as the business center’s anchor tenant. Tenants have also already been found for the first floor of the new building, which will be a retail space. Currently, 2,300 sq. m of office space is available in the business center.
“Demand for high-quality office space in Kyiv continues to grow, and we are confident that the Piramida Business Center, which is currently the only Class A property at the Poznyaki metro station, will be widely popular among tenants,” said Tymochko.
As previously reported, the renovation of the Piramida shopping center took place in stages: in the spring of 2021, a new shopping gallery was built, increasing the total area of the shopping center from 16,800 square meters to 20,600 square meters. In the summer of 2022, the entrance to the Poznyaki metro station was renovated and the surrounding area was landscaped. In the spring of 2023, the renovation of the facade facing Mykola Bazhan Avenue was completed, a massive 350-square-meter LED screen was installed, and the parking lot was completely redesigned and expanded to accommodate 350 vehicles.
Dragon Capital is one of the largest groups of companies in Ukraine operating in the field of investments and financial services. It has over 20 years of experience in direct investments in leading Ukrainian companies, as well as in landmark residential and commercial real estate projects.
Dragon Capital Property Management is a management company that manages a portfolio of commercial real estate. It manages 25 commercial real estate properties, including 12 office properties, six retail properties, and seven logistics complexes. The total area of the real estate portfolio exceeds 570,000 square meters, making the company one of the largest players in the Ukrainian real estate market.
Dragon Capital plans to invest over $3 million in 2026 to develop energy-efficient solutions at its facilities, with a focus on solar power plants, Alexander Shmorgun, Director of Facility Management at Dragon Capital PM, told Interfax-Ukraine.
He emphasized that the company continues to increase equipment capacity not only in view of the upcoming heating season.
“All of our shopping centers have gas heating, except for the Piramida shopping center, where heating is provided by electricity. During emergency power outages this winter—which totaled about 300 hours in January—the temperature at Piramida dropped to 14 degrees on the coldest day of the month. “We purchased additional generators with sufficient capacity to power the entire heating system of this shopping center,” he said on the sidelines of UCSC TALKS on Wednesday in Kyiv.
According to him, backup equipment is now necessary even in the summer: “We have also installed additional generators at other retail and office properties. The new equipment enables the cooling system to operate, ensuring a comfortable environment for tenants and visitors.”
Among Dragon Capital’s shopping centers, a 1.5 MW rooftop solar power plant has already been installed at the Victoria Gardens shopping center in Lviv, and preparations are underway to install a 2.5 MW solar power plant at the Victoria Gardens shopping center in Kyiv (formerly the Karavan Outlet shopping center). In the near future, a solar power plant project is planned for the Piramida shopping center with a capacity of just 275 kW, due to roof space limitations.
“We are relying on generators; they are expected to meet 100% of the demand. In winter, the solar power plant can generate about 10–15% of its capacity for the shopping center’s needs, which reduces the load on the generators. In summer, these capacities are projected to cover a significant portion of the shopping center’s needs,” Shmorgun said.
A similar concept of energy independence is being implemented in logistics complexes and office buildings. In total, the company plans to invest over $3 million in this area by 2026.
Currently, Dragon Capital PM manages 25 commercial real estate properties, including 12 office properties, 6 retail properties (the Victoria Gardens shopping centers in Lviv and Kyiv, the Smart Plaza Obolon, Piramida, and Aladdin shopping centers, as well as the McDonald’s location in Lviv), and 7 logistics complexes. The entire portfolio spans over 570,000 square meters, making the company one of the largest players in the real estate market in Ukraine.
The global fuel crisis, which has unfolded against the backdrop of the war in Iran, is having a price impact on Ukraine’s economy; however, it will not significantly affect economic activity as long as there is no fuel shortage, according to Natalia Shpygotska, a senior analyst at Dragon Capital.
“We expect GDP growth this year to reach 1.5%. And specifically regarding the fuel crisis, we do not expect rising fuel prices to have a significant impact on economic activity until global turbulence leads to a significant fuel shortage in the country,” she noted during the Center for Economic Strategy’s April economic review, which featured the special topic “How is the fuel crisis affecting the Ukrainian economy?”
“As for inflation expectations, our current year-end inflation forecast is 7.1%. We revised it upward by 0.8 percentage points compared to the previous forecast, in part to account for rising fuel prices, as well as our revision of the exchange rate,” Shpygotska added.
According to her, Dragon Capital’s forecast is based on the assumption that in the coming months, the war or hostilities regarding Iran will be suspended, allowing global oil prices to stabilize at a level closer to $70 per barrel. At the same time, if global oil prices remain high for longer and hover around $100 per barrel throughout the year, this will carry the risk of inflation in Ukraine rising by 2 percentage points, “that is, closer to 9%.”
Shpyhotska also noted that the transportation sector was the first to be directly affected by rising fuel prices, particularly the nearly 50% increase in diesel prices, resulting in higher transportation costs for both major economic players and companies providing transportation services.
Although, as the Dragon Capital analyst noted, the rise in prices for transportation services is not yet proportional to the rise in retail diesel prices, it is nevertheless present.
At the same time, she noted that in other sectors, particularly the agricultural sector, where transportation costs account for up to 10% of total expenses, the impact on financial results may not be as significant.
“However, if high oil prices persist longer and we begin to see second-order effects—such as rising prices for fertilizers and other components of production costs, as well as the passing on of higher transportation costs to other goods and services—the long-term impact could be more pronounced,” the analyst noted.
Natalia Kolisnichenko, a senior economist at the Center for Economic Strategy (CES), reported that according to a survey of businesses and companies, 9% of them did not feel the impact of the fuel crisis, while 66% felt a significant or moderate impact, noting that it was primarily price-related.
“76% reported that their transportation and logistics costs had increased first and foremost, while 53% reported that they had not experienced any disruptions in their operations. This also confirms that the main factor for us right now is price-related. 20% of businesses have already passed on increased production costs to consumer prices, and the rest plan to do so in the near future, as businesses lack the resources to keep prices unchanged,” said the CES senior economist.
According to her, inflationary risks are rising for all goods and services, as they all have a fuel component.
She also added that 24% of the surveyed companies have not yet been able to assess the impact of the fuel crisis.
Dragon Capital has begun construction of the second phase of the M10 Lviv Industrial Park and is preparing to resume development of two industrial park projects in the Kyiv region, according to Andriy Brynzylo, CEO of Dragon Capital’s industrial parks division.
“The development of the M10 Lviv Industrial Park is part of Dragon Capital’s strategy to build a portfolio of new industrial real estate in Kyiv and Lviv. Demand for high-quality warehouse and manufacturing space in Ukraine is growing, despite the hostilities, particularly from companies relocating their businesses. In addition to this ongoing project, we are working on resuming the development of two other industrial park projects in the Kyiv region, which we will announce separately in the near future,” Brinzilo said.
According to him, the launch of the second phase of M10 (Class A warehouse and industrial space with a total area of 22,000 sq. m.) will offer the market new opportunities for development.
M10 Lviv Industrial Park is located in the Ryasne-2 industrial zone of Lviv, directly on the M10 highway, 60 km from the Krakivets border crossing on the border with Poland. The park’s total area is 23.5 hectares and provides for the development of warehouse and industrial real estate facilities with a total area of over 140,000 square meters. The first phase of the project, with a total area of 14,400 square meters, was commissioned in February 2024 and is fully operational.
The project is being implemented in partnership with the European Bank for Reconstruction and Development (EBRD) and the Ukraine Investment Fund managed by Norfund, which hold 35% and 30% stakes in the project, respectively.
In September 2023, the World Bank’s Multilateral Investment Guarantee Agency (MIGA) provided the project with a 10-year guarantee covering risks of physical damage to the facility due to military action or loss of control over it.
The facility is managed by the Dragon Capital Property Management team. The project aims to obtain “green” certification in accordance with international standards. The first building at M10 Lviv Industrial Park has already been certified under the EDGE standard (energy efficiency and environmental sustainability).
Dragon Capital is one of the largest groups of companies in Ukraine operating in the investment and financial services sector. The company has over 20 years of experience in direct investments in leading Ukrainian companies, as well as in landmark residential and commercial real estate projects.
Dragon Capital Property Management is a management company that manages a portfolio of commercial real estate. It manages 25 properties (business centers, shopping malls, and logistics complexes) with a total area of over 570,000 square meters.
Currently, Dragon Capital has two industrial park projects in its portfolio: M10 Lviv Industrial Park in Lviv with a total area of 140,000 sq. m and E40 Industrial Park near Kyiv with an area of 200,000 sq. m.
Leading Ukrainian investment company Dragon Capital made investments of nearly $100 million in 2025, but did not manage to complete all of them, Dragon Capital founder Tomas Fiala said.
“Last year, we approached the pre-war level of new investments, which was over $100 million,” he said during a discussion at the Center for Economic Strategy on Friday dedicated to the main trends of the year for the Ukrainian economy.
Fiala noted that in the first two years of the war, the task was to preserve the business, restore it after the fall in 2022, and complete all capital investments that had been started before the war.
“Well, the last two years have been about expanding the business. We can no longer wait to make decisions ‘after the war’; it already takes a long time to wait for the war to end,” explained the head of Dragon Capital.
“And this year, we plan to do even more,” he emphasized.
Fiala noted that the growth plans are linked to the creation of two private equity funds — Rebuild Ukraine Fund (REBUF) and Amber Dragon Ukraine Infrastructure Fund I (in partnership with the British company Amber Infrastructure) — which the company has been actively working on for the past year and a half. The target volumes of these funds are $250 million and $350 million, respectively, and Dragon Capital’s contribution to each of them is $20 million.
The head of the company specified that the first closing of REBUF with a volume of $102.5 million took place on Friday, while the announcement of the first significant closing of Amber Dragon Ukraine Infrastructure Fund I is expected next week.
Fiala added that Dragon Capital, together with Amber Infrastructure, was selected as the winner of the competition to manage the EU Flagship Fund for Reconstruction of Ukraine with a declared volume of EUR 220 million among 12 applicants, four of which made it to the final.
According to him, Dragon Capital is ready to invest EUR40 million of its own funds in this fund, and other investors, as in the two previous funds, are five European IFIs (International Financial Institutions) and DFIs (Development Financial Institutions).
“We are currently in the process of due diligence… We plan to start investing in the middle of next year,” Fiala said. He stressed that none of these funds have restrictions on investments in physical assets.
Regarding the challenges faced by Dragon Capital’s businesses in 2025, the head of the company noted that there was no significant difference from previous years, with security risks remaining in first place.
According to him, more significant risks related to the rule of law were added in the summer, when the company suspended all investments for about three weeks during an attack on anti-corruption agencies.
“It felt like we had returned to the days of Yanukovych and authoritarian rule in the country, and we only resumed investments after the Verkhovna Rada and the president corrected their mistake and waited for the government to appoint the head of the BEB,” Fiala said.
He added that there were also cyberattacks on the company and that there are still challenges with labor resources.
“We estimate that the employee shortage is at 20%, which is about 2 million people.
Salaries are growing by 20-25% per year and are higher in currency terms than they were before the war,” the head of Dragon Capital described the situation.
At the same time, according to him, most businesses are growing faster than inflation, at 10% to 20% or even more, although expenses are also growing rapidly.
“It is difficult for us to maintain the same business margins in our budgets for the 26th year that we had in the last two years, which were basically not bad,” Fiala stated.
The International Finance Corporation (IFC), part of the World Bank Group, will contribute $25 million to the Rebuild Ukraine Fund LP (REBUF) private equity fund, which was launched a year ago by leading Ukrainian investment group Dragon Capital.
According to the IFC website, its board of directors approved the project at a meeting on November 3.
The corporation specified that REBUF is focused on small and medium-sized enterprises, has a target size of $250 million, and is a universal fund that focuses on consumer goods and services, healthcare, pharmaceuticals, financial services, agriculture-related sectors, construction materials, retail, and technology.
“The fund aims to acquire controlling stakes through buyout or growth capital strategies in mature companies,” the IFC added.
According to the materials, the investment will be backed by a first-loss guarantee of 50% of its amount, supported by France and other guarantors.
As the corporation noted, its contribution as an anchor investor will be crucial in supporting the fund in achieving its first closing in a challenging fundraising environment. The IFC recalled that since Russia’s full-scale invasion of Ukraine, only one private equity fund has been launched, and its successful closing required significant support from development finance institutions (DFIs), including the anchor role of the IFC (the $350 million Horizon Capital Growth Fund IV – IF-U). REBUF is expected to require similar support and will be financed primarily by DFIs, according to published materials.
Andriy Nosok, managing director and head of direct investments at Dragon Capital, announced at the Ukraine Recovery Conference in Rome in July that the company would invest $20 million of its own funds in REBUF. In addition, the European Bank for Reconstruction and Development approved a decision to contribute $25 million to the fund in early July. According to Nosok, the first closing of the fund was planned for September this year.
He recalled that Dragon Capital has been investing in private equity in Ukraine for 25 years, including managing direct investment funds since 2010. REBUF is the third such fund, which follows the same strategy as the previous ones. According to the REBUF presentation, the size of investments in companies is $7-30 million.
Dragon Capital is one of the largest investment groups in Ukraine in the field of investment and financial services, providing a full range of investment banking and brokerage services, direct investments, and asset management for institutional, corporate, and private clients. The company was founded in 2000 in Kyiv. According to founder and CEO Tomas Fiala, the group’s investment portfolio currently includes nearly 50 different companies or real estate projects. Between 2015 and 2021, the company invested approximately $700 million in Ukraine, excluding reinvestments, and plans to invest $100 million in 2025.
As reported, the EBRD and IFC also plan to contribute EUR60 million and EUR40 million, respectively, to the capital of the new Amber Dragon Ukraine Infrastructure Fund I with a declared target size of EUR350 million. The EBRD Board of Directors will consider this project on December 3. The European Investment Bank (EIB) already approved a contribution of EUR40 million to this fund at the end of September.
