According to Interfax-Ukraine, S1 REIT, an investment company that manages real estate funds under the REIT model, has announced the launch of a new capitalization fund, “S1 Poznyaki,” with a total volume of 250 million hryvnia, which will invest in apartments in a high-yield residential building currently under construction on the shores of Lake Sribny Kil, according to the company’s press service.
According to the press release, the initial investment amount is 1,000 UAH, with the option to increase one’s share in increments of 100 UAH. The projected annual return is 9% in the local currency, and dividend payments will begin once the property is commissioned and rental operations commence.
“In the past, to make money on apartments, you had to buy a unit for tens of thousands of dollars. We’ve broken that barrier down into smaller parts. Now you can start with 1,000 UAH. The benefit for investors is simple: buy earlier—buy cheaper. As the building is under construction, the price per square meter rises, and with it, the value of the fund’s assets. So we want to acquire as many square meters as possible now—at an early stage, while prices are at their lowest. And we’re offering our clients the opportunity to buy alongside us,” explained Ihor Gifes, CEO of the investment company S1 REIT, whose remarks are quoted in the press release.
As previously reported, the National Securities and Stock Market Commission (NSSMC) decided at its September 16 meeting to register the prospectus and the issuance of investment certificates for the ZNPIF “S1 Poznyaki.”
“S1 Poznyaki” is a build-to-rent apartment building designed from the outset as a cohesive, professionally managed rental product, rather than a collection of individual apartments for private leasing. At the same time, the project embodies the “Live and Work in One Place” concept thanks to its well-developed residential and commercial infrastructure.
The “S1 Poznyaki” fund’s assets will consist of 80 apartments with a total area of 2,828 square meters in a 24-story apartment building containing 756 apartments, with a total area of 29,500 square meters.
The complex will feature approximately 1,500 square meters of internal infrastructure, including a coworking space, a gym, a lounge area, a movie theater, a spa area, indoor and outdoor spaces for relaxation and leisure, game and karaoke rooms, a children’s room, and a fully equipped shelter.
Another approximately 7,000 square meters on the ground floors will be allocated for commercial facilities: a supermarket, restaurants, coffee shops, pharmacies, a dental clinic, and other services.
Previously, as reported, S1 REIT launched the sale of “S1 Plaza Poznyaki,” whose assets will include commercial space in the shopping center near the “Poznyaki” metro station in Kyiv. The total area of the property is approximately 5,000 square meters, and the new fund’s offering amounts to 600 million UAH. The initial investment is 1,000 UAH, and the additional investment is 100 UAH. The projected annual return on “S1 Plaza Poznyaki” is 10.4% in currency terms.
The entire property will be managed by the real estate management company S1 Property, which will be responsible for operations and services for residents, as well as for ensuring stable rental income for investors.
The press release states that investors can use “S1 Poznyaki” as an investment vehicle and gradually increase their stake in the property. If the total value of accumulated certificates equals the cost of an entire apartment, investors will be able to exercise the option to exchange them for a completed apartment. The transition to physical ownership is not mandatory: certificates can continue to be held as an investment in the fund, and investors can receive dividend income once rental operations begin.
“For investors, the ‘S1 Poznyaki’ Fund offers new opportunities to acquire a share of unique, income-generating real estate in the capital and start earning from it immediately,” noted Gifes.
At the same time, it is clarified that these figures are projections, based on the project’s financial model, and do not guarantee future returns.
The company operates under the Real Estate Investment Trust (REIT) model, providing investors with the opportunity to participate in ownership and receive income from profitable properties without directly managing the assets.
Four funds are available for investment: “S1 VDNG,” S1 Obolon, “S1 Poznyaki,” and “S1 Plaza Poznyaki.” Their assets consist of income-generating real estate based on development projects by Standard One.
The Inzhur Investment Group, which includes an asset management company with three investment funds, an investment firm, a securities broker, and a securities custodian, plans to increase its assets under management from the current 9.36 million UAH to 100 billion UAH over the next five years, said the group’s founder and head, Andriy Zhurzhii.
“100 billion is our dream and our plan. That’s for the next five years. In other words, we’ll end this year with more than 10 billion—10 to 11 billion in assets under management. And over the next five years, we’ll reach 100 billion based on today’s figures. In other words, if there are any devaluation processes, then, of course, we’ll get there faster,” he said during the “Forbes Business Breakfast with Fedorin” on Wednesday, adding that there was a day when the group managed to attract 500 million UAH at once.
According to him, the group has attracted 131,560 investors to its funds, with a minimum investment of 11 UAH.
“We’ve set ourselves the goal of reaching 1 million investors in ‘Inzhur’ by the end of 2028. We plan to end this year with 150,000–200,000 investors: we’re already on track for 170,000, and we’ll have to work hard to reach 200,000, but the team is doing its best,” noted Zhurzhii.
In his view, to increase the number of investors to 2–3 million, it is necessary to invest more in the community and in its education and experience; therefore, the group launched an educational program with Prometheus, which attracted 14,000 registrants in just one week.
The head of “Injur” also expressed the opinion that the Ukrainian market is not yet ready for stocks.
“We will still grow through some form of debt instruments—bonds or quasi-debt instruments, when we’re talking about funds. Stocks will be the next stage,” Zhurzhii believes.
asset, FUND, Injur, INVESTMENT, INVESTOR
The investment company S1 REIT has registered a new portfolio fund, S1 “Kyiv Income-Generating Real Estate” (S1 DNA), which will invest in income-generating residential real estate in the capital—including both existing properties and those currently under development.
The new fund’s offering size is 100 million UAH, the company announced on September 2, 2026.
The projected yield for S1 DNA is stated at 9% per annum in dollar terms, taking into account two components: current rental income and potential appreciation in property value.
The minimum initial investment will be 122,000 UAH, and subsequent investments can be made starting at 1,000 UAH. S1 REIT plans to begin the pre-sale of fund certificates in mid-September 2026.
The new fund’s strategy involves building a portfolio consisting of several properties. Initially, the portfolio will include apartments in the income-generating buildings S1 VDNG and S1 Obolon.
S1 VDNG is an existing rental property near the “Vystavkovyi Tsentr” metro station in Kyiv. Its apartments are leased out and generate a steady cash flow.
S1 Obolon is under construction at 18 Obolonskyi Avenue, near the “Minska” metro station. Upon completion, the apartments are also planned to be used as income-generating real estate. For investors, the asset during the construction phase is expected to offer, first and foremost, capitalization potential driven by appreciation in property value.
Thus, S1 DNA combines two sources of potential income: rental payments from apartments already in operation and an increase in the value of properties currently under development.
“By holding a stake in the fund, an investor becomes a co-owner of each individual apartment in two buildings at different addresses. The fund combines the present and the future: today it consists of apartments in two income-generating buildings, and in the future, the fund will be expanded with new properties,” said Igor Gifes, CEO of S1 REIT.
According to him, the transition from investing in a single building to a portfolio model should allow for the diversification of risks across several real estate properties.
The company attributes the decision to launch the new fund, in particular, to the completion of the placement of S1 VDNG fund certificates in early June 2026. Following the full placement of this fund, S1 REIT decided to offer investors a product whose assets will not be concentrated in a single building.
The S1 REIT portfolio also includes the S1 Obolon fund, with a projected annual yield of 10% in dollar terms, and the S1 Plaza Poznyaki commercial real estate fund, with a stated yield of 10.4%. The S1 VDNG fund, whose offering has already been completed, has a projected annual yield of 8.2%.
In June 2026, S1 REIT reported that the total assets under management of its funds had reached 100 million UAH.
S1 REIT works with income-generating residential and commercial real estate in Kyiv. The company’s business model is based on the acquisition of real estate by collective investment funds, its subsequent professional management, and the distribution of the resulting income among investment certificate holders. Projects are implemented in collaboration with the developer Standard One and the management company S1 Ukraine.
The stated fund returns are projected and calculated by the company based on a financial model that takes into account rental income, fund expenses, and the potential appreciation of its assets.
The European Union has transferred an additional 30 million euros to the Ukraine Energy Support Fund, thereby increasing its total contribution to the fund to 279 million euros, according to Ukraine’s First Deputy Prime Minister and Minister of Energy Denys Shmyhal.
“The funds received through this financial instrument are helping us restore energy infrastructure damaged by Russian attacks, purchase urgently needed equipment for our energy companies, and ensure a reliable energy supply, first and foremost for critical infrastructure,” – Shmyhal was quoted as saying by the Ministry of Energy’s press service on its Telegram channel on Saturday.
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
Noble Capital RSD LLC has filed a lawsuit in the US District Court for the District of Columbia against the Russian Federation, the Russian Ministry of Finance, the Bank of Russia, and the Russian National Welfare Fund, demanding recognition of obligations under sovereign bonds of the Russian Empire placed with investors in the US and recovery of at least $225.8 billion from the defendants. The court documents are available here: https://ia800707.us.archive.org/35/items/gov.uscourts.dcd.281398/gov.uscourts.dcd.281398.1.0.pdf
According to the text of the complaint, the plaintiff is asking the court to issue a declaratory judgment on the principal debt and interest (adjusted for gold), as well as to recognize the possibility of “set-off” of this amount against “blocked sovereign assets of the Russian Federation” in accounts with financial institutions where such assets may be located. Claims for interim measures have also been filed – a ban on the transfer or “mobilization” of blocked assets and the appointment of an equitable receiver for the purposes of enforcement.
The case materials show that the defendants were notified of the lawsuit on October 1, 2025, and the court granted the Russian side an extension to respond to the lawsuit until January 29, 2026.
This construction (settlement through a private law dispute) can be seen as an attempt to shift the discussion of frozen assets from the realm of political confiscation to the realm of civil law mechanisms.
After February 24, 2022, some countries froze significant amounts of Russian sovereign assets. The European Union froze €210 billion, with Euroclear holding approximately €193 billion of these funds.
https://ia800707.us.archive.org/35/items/gov.uscourts.dcd.281398/gov.uscourts.dcd.281398.1.0.pdf
Noble Capital RSD LLC is a private company in the form of an LLC registered in the state of Delaware (USA). In court documents, it is described as the assignee and legal owner of a block of “sovereign bonds” placed in the United States during the Russian Empire.
