Kyiv's Ocean Plaza mall narrows net loss by 59% in 2025 – SPF

Ocean Plaza shopping and entertainment center in Kyiv (Lybid Investment Union LLC), 66.65% of which is state-owned, narrowed its net loss by 59% in 2025 to UAH 573.5 million compared to UAH 1.4 billion a year earlier, the State Property Fund of Ukraine (SPF) has said.

According to the Fund, the mall increased revenue by 1.8% to UAH 979.8 million last year. Earnings before interest, taxes, depreciation and amortization (EBITDA) rose 5.3% to UAH 829.2 million, while net operating profit grew 5.1% to UAH 742.3 million.

The company’s current liabilities decreased 16.8% to UAH 3.2 billion as of the end of 2025, while long-term liabilities rose 0.8% to UAH 6.2 billion. According to SPF calculations, the net debt of Lybid Investment Union LLC stands at UAH 7.2 billion.

Ocean Plaza’s vacancy rate is estimated at 16.5%, compared to a market average of 12%. Daily footfall is approximately 20,000 people.

As reported, the SPF plans to put Ocean Plaza up for sale for approximately $100 million in September-October 2026.

On March 20, 2023, the High Anti-Corruption Court of Ukraine ruled to seize 66.65% of the authorized capital of Lybid Investment Union LLC (Ocean Plaza) as state revenue and transferred it to the Fund’s management. The mall is included in the list of large-scale privatization objects. Its starting price has been set at UAH 1.65 billion.

Ocean Plaza opened in Kyiv in December 2012 at 176 Antonovycha Street. Its total area is 165,000 square meters. Investment in the project totaled about $300 million. UDP and K.A.N. Development acted as project development partners.

The mall was sold to Russia’s TPS Nedvizhimost, owned by Arkady Rotenberg, in 2012. Later, in 2019, Ukrainian businessman Vasyl Khmelnytsky indirectly acquired a 33.5% stake in Ocean Plaza through UPD Holdings Limited. In 2021, he sold his stake to entrepreneur Andriy Ivanov. The deal was finalized in the summer of 2023.