UCPIH Ltd, a member of the Dragon Capital group of companies, has finalized the agreement to acquire Horizon Park Business Center. It is a 69,030 square meter business center in Kyiv. The deal was concluded with Ukrsotsbank. The deal value is not disclosed by the parties.
Horizon Park Business Center consists of two class A 18 and 19-story office towers, a 3-story building connecting them, located at 12 Amosova Str., and a 5-story class B office building at 4V Mykola Grinchenko Str. Being the largest business park in Kyiv, it also boasts surface, deck and underground parking for over 1,100 cars as well as extensive social infrastructure.
“Horizon Park Business Center will become the seventh and largest property in our office portfolio, which has expanded over the past year to double in size reaching 160 thousand square meters. We believe growth in demand for office space against the backdrop of recovering business activity in the country and gradual compression of vacancy rates makes this real estate segment attractive for investment in the coming 3-5 years,” said Tomas Fiala, CEO of Dragon Capital. “Since 2016, Dragon Capital, together with its European and American partners, has invested $400 million into Ukrainian real estate. Our future investment plans will significantly depend on the pace of reforms in Ukraine, above all in judiciary and law enforcement.”
“This agreement testifies to the success of the strategy chosen by the Ukrsotsbank team for this project. Thanks to the team’s professionalism, we not only consolidated a unique property and preserved cooperation with the key tenants of the business park, but also successfully prepared it for sale. The deal became significant for the office real estate market and the largest real estate transaction in the history of the Ukrainian banking system. Such transactions help banks relieve pressure on the balance sheet from non-core assets and attract additional resources to develop key business areas and increase lending to households and the real sector of the economy”, said Ivan Svitek, Chairman of the Management Board, Ukrsotsbank.