Belgian Revive Fund Management Group, which signed a memorandum with Ukrainian Financial Housing Company (PrJSC Ukrfinzhytlo) in January this year on a possible Workforce Houses project, is working on creating the necessary structure—a real estate investment trust in Luxembourg and its subfund in Ukraine, said Oleg Zhuravlev, deputy chairman of the board of Ukrfinzhytlo.
At the fourth Ukraine Resilience business forum, held last week by the Luxembourg-Ukrainian Chamber of Commerce (LUCC) in Luxembourg, he noted that Ukraine is undergoing a process of relocating industrial enterprises from the eastern part to the western part of the country, which is creating demand for this project.
“Our company is deeply involved in this, we are even creating a Workforce Houses project: when a huge enterprise with two, three, five thousand employees moves to the western part, they need to organize accommodation for these people… Investors are ready to invest in these things,” Zhuravlev said.
According to him, Revive Fund Management is interested in participating in such a project to provide housing for employees.
As reported, Ukrfinzhytlo, the operator of the state affordable mortgage program eOselya, and the European investment fund and developer Revive signed a memorandum of understanding at the end of January this year to launch an affordable housing program for middle-income households and workers in critical sectors (workforce housing).
It was noted that ReVive will draw on its 15 years of experience in implementing affordable housing projects in Western and Central and Eastern Europe. The goal of the collaboration is to create a scalable model of affordable housing for Ukrainians who work but cannot afford housing at market prices and at the same time do not fall under any of the categories of the eOselya affordable mortgage program.
“The combination of the expertise of a regulated fund manager with the practical experience of a developer creates added value for the formation of an institutional platform for affordable housing in Ukraine,” commented Nicolas Barelle, founder of Revive and chairman of the Urban Land Institute Belgium.
As part of the partnership, which also includes Emerge Impact Real Estate B.V., the parties plan to engage Ukrainian companies in the construction of energy-efficient housing in various regions of Ukraine and mobilize institutional investors to scale up the affordable housing program for employees.
In 2025, Emerge Impact supported the EBRD’s EUR100 million credit line to create an affordable housing platform in Ukraine, which involves the construction of approximately 1,800 housing units for internally displaced persons and vulnerable groups.
FUND, Revive Fund Management, UKRFINZHYTLO, Workforce Houses
