Dragon Capital Acquires Kyiv Shopping Center Pyramida
Dragon Capital Investments Limited, a member of the Dragon Capital group of companies, has completed the acquisition of Kyiv-based shopping center Pyramida in the interest of Dragon Capital New Ukraine Fund by purchasing from a group of American and British investors 100% of shares in 1849-Apollo Overseas I Limited (Cyprus), the founder of Atlantic-Pacific Ventures LLC (Kyiv), which owns and manages the shopping center. The parties agreed not to disclose the deal value.
“Pyramida, due to its unique location, professional concept and right pool of tenants, is today one of the most successful shopping centers in Kyiv, generating stable and predictable rental income,” said Volodymyr Tymochko, Managing Director, Head of Private Equity, Dragon Capital. “Despite weaker consumer purchasing power, we believe Kyiv’s commercial real estate market, particularly in the city’s Darnytsia district, is unsaturated and offers growth potential. We have built up extensive expertise in commercial real estate over 15 years and see how to improve Pyramida’s quality and performance.”
“After 10 years of ownership, going through thick and thin with redevelopment and political turmoil I was pleased to find a real buyer in Dragon Capital that agreed, committed and completed the transaction in 4 months, my only sadness is losing the connection with the team that I built”, said Graham Hedger, director and a shareholder of 1849-Apollo Overseas I Limited (Cyprus), one of the former shareholders of Pyramida Shoppig Center.
Built in Kyiv’s Darnytsia district in 2004, Pyramida has 16,000 square meters of total space and a leasable area of 12,600 square meters.