11:12 05.06.2018

Russia's TPS Real Estate sells Ocean Plaza trade center in Kyiv

2 min read
Russia's TPS Real Estate sells Ocean Plaza trade center in Kyiv

TPS Real Estate, controlled by Russian businessmen Igor Rotenberg, Alexander Ponomarenko and Alexander Skorobogatko, is in talks with the Ukrainian investment fund Dragon Capital about the sale of the Ocean Plaza trade and entertainment center in Kyiv, the Kommersant newspaper reported, with reference to sources familiar with the negotiation process.

"TPS Real Estate, in particular controlled by Igor Rotenberg, is ready to curtail its business in Ukraine and sell the Ocean Plaza trade center. Negotiations on its purchase are conducted by the local company Dragon Capital, which for the last two years has been actively buying commercial real estate in the country. The Russian company can sell this asset for $270-315 million: the object was estimated at almost the same amount six years ago, when TPS entered the local market," the newspaper says.

According to the source, the negotiations are "at an advanced stage," but the deal has not yet been closed, "the potential buyer is looking for a lender." At the same time, TPS Real Estate and Dragon Capital have not commented on the forthcoming deal.

The Ocean Plaza trade and entertainment center with a total area of 165,000 square meters at 176 Antonovycha Street in Kyiv opened in December 2012. Investments in the object amounted to about $300 million.

The partners for the development of the project were UDP, K.A.N. Development (both based in Kyiv) and TPS Real Estate (Moscow, Russia), the exclusive project broker and concept author was UTG Consulting Company (Kyiv).

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