The State Property Fund of Ukraine (SPFU) intends to radically change its approach to selling one of the country's most well-known shopping centers — Ocean Plaza. Instead of partial privatization, the agency is considering putting 100% of the object's shares up for auction, estimating the potential starting price at $100 million.

As Dmitry Natalukha, head of the SPFU, stated in an interview with RBC-Ukraine, the decision is dictated by real market demand: investors are interested specifically in full control over the object, rather than purchasing partial stakes.

Legal Structure for Full Sale

The main problem the fund encountered was the inability to legally combine the state share (66%) and the private package (34%) into a single pool. Previously, legislation did not provide tools for such a transaction. However, following changes in Cabinet of Ministers decrees regarding the formation of pools for sanctioned assets, the situation has changed.

Currently, the SPFU is actively searching for and developing a legal structure that will allow combining the following within a single transaction:

  • shares of LLC 'Investment Union 'Lybid'' (owner of the shopping center);
  • the right to claim on a loan;
  • the land plot on which the object is located.

According to Natalukha, the discussion regarding the possibility of selling 100% of the complex continues, and the fund sees a constructive attitude from the minority co-owner.

Market Expectations and Auction Timeline

According to estimates by fund experts and market participants, potential buyers are ready to consider a starting price of $100 million for the full share package. This makes the deal one of the largest in the history of Ukrainian privatization.

However, implementing the project in the short term is not possible. Due to the need to work out legal details and coordinate all stages, the auction can realistically take place no earlier than December 2026. Proceeds from the sale are expected in the Ukrainian budget in January 2027.

Situation with Law Enforcement Agencies

In June of this year, searches were conducted at the SPFU, initiated by the Office of the General Prosecutor as part of a case related to Ocean Plaza. Dmitry Natalukha assured that the incident did not lead to negative consequences for the fund's work. According to him, the parties established dialogue, the fund provided law enforcement with full information on the asset valuation methodology and the mechanisms for selecting the auction winner. No suspicions were raised against the fund's employees.

Currently, according to media reports, the private package of Ocean Plaza is owned by LLC 'Lanita Invest' or structures associated with it that control the company UDP. The participation of the minority shareholder in the auction is not yet excluded, which could simplify the process of asset consolidation.