---
title: "Dragon Capital sells Kyiv's Smart Plaza Obolon: deal details with Oleh Balyash"
description: "Dragon Capital has sold the Kyiv shopping center Smart Plaza Obolon to Lviv businessman Oleh Balyash. The AMCU has already approved the deal, and experts consider it an example of corporate restructuring rather than a market signal. 🏢💰"
date: 2026-07-31T16:22:00.000Z
lang: en
url: https://xab.info/en/posts/dragon-capital-sells-smart-plaza-obolon-to-oleh-balyash
tags: [dragon-capital, oleg-balyash, smart-plaza, kyiv, real-estate]
publisher: "XAB.info"
---

# Dragon Capital sells Kyiv's Smart Plaza Obolon: deal details with Oleh Balyash

![Smart Plaza shopping center on Obolon in Kyiv at night: the property sold by Dragon Capital to Oleh Balyash](https://xab.info/media/2026/07/31/dragon-capital-prodala-smart-plaza-obolon-olygu-balyashu/dragon-capital-prodala-smart-plaza-obolon-olygu-balyashu-1.webp)

A significant event has occurred in the Kyiv commercial real estate market: the investment company Dragon Capital has sold the Smart Plaza Obolon shopping center. The buyer of the asset is the well-known Lviv businessman Oleh Balyash. The deal has already received official approval from the Antimonopoly Committee of Ukraine (AMCU), paving the way for the completion of the transfer of ownership rights.

### Agreement details and participants

On July 30, the regulator allowed the company "Leviter" to establish control over LLC "Barcond" — the legal owner of the shopping center on Obolonskyi Avenue. The seller of the asset was the Cyprus-based structure Uery Holding Limited, which is linked to Tomas Fiala, the founder of Dragon Capital. Thus, the asset is moving from the portfolio of one of the largest regional funds to a private structure.

The new owner is Oleh Balyash, whose business portfolio is characterized by high diversification. He already controls 90% of the capital Smart Plaza Polytech shopping center and fully owns the "Lviv Passage" shopping center. The entrepreneur's sphere of interests extends far beyond real estate: he owns a premium vodka production facility (Hetman brand), has assets in the banking sector and HoReCa. As of 2025, the combined income of companies co-owned by Balyash reached 2.3 billion hryvnias.

The entrepreneur's financial assets also include significant stakes in credit organizations. In particular, he owns 44.5% of "Oxibank" (ranking 52nd among Ukrainian banks) and 49% of the venture fund "Somerset".

### Object characteristics

Smart Plaza Obolon is an object with a total area of about 15,000 square meters. Of these, 10,000 sq. m are leased areas, making it a typical representative of the small shopping center segment. Experts note that the potential for physical development of this specific building is limited: the shopping center is integrated into an already established dense development, which excludes the possibility of expanding the territory.

### Experts' opinion on the impact on the market

The head of the Ukrainian Council of Shopping Centers (URTC), Maksym Havryushin, believes that this deal should not be perceived as a global signal for the entire commercial real estate market. In his opinion, Dragon Capital's decision to sell the asset could have been made 1–1.5 years ago and was dictated by internal factors, such as the need for investment in other projects or closing obligations to investors.

Havryushin emphasizes that small shopping centers with an area of 10–15 thousand square meters remain attractive to private investors due to a lower entry threshold and lower risks compared to large complexes. In the case of Smart Plaza Obolon, the growth in the value of the asset is possible not due to expansion, but thanks to changing the pool of tenants and optimizing operational activities.

The deal may affect the valuation of similar objects only if the parties disclose its cost or capitalization rate. Nevertheless, the trend of building small shopping centers persists, especially in the regions of western Ukraine, where demand for local retail outlets remains stable.