In early April, the investment company S1 REIT published the results of the audit of its operations for 2025. The audit was conducted by Crowe Erfolg Ukraine, a leading Ukrainian audit and consulting firm and an official member of the international Crowe Global network. This network consistently ranks among the top 10 largest audit networks in the world, providing the company with access to global standards and methodologies.
“The audit is part of the regulator’s requirements for funds that attract collective investments. Publishing the report is not only compliance with Ukrainian legislation but also a confirmation of our transparency and openness. The documents are available on the company’s official website,” noted S1 REIT’s Chief Financial Officer Vadym Pavlushyna.
The audit opinion confirmed that the 2025 financial statements, in all material respects, fairly present the financial position of the funds in accordance with International Financial Reporting Standards (IFRS). According to the audit results, S1 REIT demonstrated growth momentum and a high level of protection for investors’ capital.
The report notes the absence of external debt on the funds and confirms that growth is driven by equity and direct investments. This minimizes risks for investors during periods of economic volatility.
“We have demonstrated that each investment certificate is backed by real, legally sound, and profitable assets. Even amid the challenges of 2025, we maintained stability: the reports confirm that no events occurred that would have negatively impacted capital,” added Vadym Pavlushyna.
The full audit report for 2025 is published on the website, in the “About Us” section https://reit.s1.ua/ua/about. The documents contain financial information about AMC “REIT S1” and all active funds in the company’s portfolio.
The fund’s past performance is not a guarantee of future returns. Before investing, please review the terms and conditions and consult with a financial advisor.
About Us:
S1 REIT is Ukraine’s first operator of collective investments in income-generating real estate, offering the opportunity to become a co-owner of profitable properties with an entry threshold that is tens of times lower than the cost of a single residential or commercial unit. The company operates under the Real Estate Investment Trust (REIT) model, providing investors with the opportunity to participate in the ownership and receipt of income from income-generating properties without direct asset management.
Currently, two funds are available for investment: S1 VDNG and S1 Obolon. The assets of these funds consist of apartments in income-generating buildings developed by Standard One.
Standard One’s investment vehicle, S1 REIT, has paid out its first million in dividends, according to the fund’s press service.
It is specified that the total amount of dividends received by investors of the S1 VDNG fund for the period from April to December 2025 reached almost 1.026 million, which after taxes amounted to UAH 914.8 thousand.
“The example of S1 REIT proves that the residential rental sector in Kyiv is very profitable. High profitability is maintained even in conditions of transparent operation, without the use of ”gray” schemes to optimize tax pressure. Thanks to our work, we not only ensured timely dividend payments to investors, but also replenished the state budget by more than UAH 71 thousand and paid almost UAH 40 thousand in military tax,” said Viktor Boichuk, commercial director of S1 REIT, whose words are quoted in the report.
Starting in September 2025, dividends will be paid to investors in the S1 VDNG fund on a monthly basis. The amount of accruals depends on the fund’s performance over the previous period. The indicators are based on actual rental income from the real estate owned by the fund and reflect the stable performance of the asset in market conditions. Thus, according to the results of November, the annualized return for investors reached 9.1% in dollar terms, which is higher than the planned return of 8.2% in currency.
As reported, in April this year, Kyiv-based developer Standard One, which specializes in Build-to-Rent projects, announced the launch of a new product – S1 REIT. This is an investment tool that allows you to become a co-owner of square meters in S1’s profitable buildings without having to personally manage the assets. Currently, S1 REIT has two open-ended funds: S1 VDNG and S1 Obolon. The assets of the S1 VDNG fund are apartments in the profitable S1 VDNG building in Kyiv. The building has been in operation since 2019. According to estimates by the developer Standard One, the occupancy rate of the property by tenants reaches 99%.
Standard One (S1) is a full-cycle development company that has been developing the build-to-rent real estate segment in Kyiv since 2016. Its portfolio includes the completed S1 VDNG project and the new S1 Obolon, S1 Terminal, S1 Nyvky, and S1 Poznyaki buildings.
The share of investors who repeatedly buy S1 REIT fund certificates from the developer Standard One has grown to 43% in the five months since the funds began operating, according to the project’s press service.
“We have provided investors with the opportunity to increase their profits by increasing their own share. The minimum additional investment is equal to the cost of one certificate, which is just over UAH 1,000. But despite our expectations, the average amount of repeat sales is significantly higher, at almost UAH 90,000,” said Viktor Boichuk, commercial director of S1 REIT, in a press release.
He noted that currently, the vast majority of investors are people with investment experience who already have a certain portfolio of assets.
“For them, S1 REIT is an opportunity to diversify their asset portfolio with a relatively small check. In the first weeks of our work, investors went through a ”getting to know you” phase, studying us and our offer. Now we see their confidence growing,” Boichuk added.
He added that the project plans to scale up by reaching a new audience—Ukrainians who have not yet had experience in investment activities due to a lack of knowledge or significant start-up capital.
“The key advantage of S1 REIT is its accessibility. The entry threshold is the equivalent of $3,000, which is significantly less than the initial investment in the Kiev real estate market,” said the top manager.
As reported, in April this year, Kiev-based developer Standard One, which specializes in Build-to-Rent projects, announced the launch of a new product, S1 REIT. This is an investment tool that allows you to become a co-owner of square meters in profitable S1 buildings without having to personally manage the assets. Currently, S1 REIT has two open funds: S1 VDNH, with a planned yield of 8.2% per annum in US dollars, and S1 Obolon, with a yield of up to 10% per annum.
