Oschadbank finds a buyer for Ramada Encore hotel and Europa business center in Kyiv

After eight years of unsuccessful attempts, state-owned Oschadbank has found a potential buyer for a commercial real estate complex on Stolychne Highway in Kyiv, which includes the four-star Ramada Encore Kyiv hotel and the Europa business center, according to the electronic trading platform OpenMarket.

The property will be sold under a financial leasing arrangement for a term of 10 years at an annual interest rate of 8.59% — effectively an installment plan.

Ownership will be transferred to the lessee only after full repayment under the lease agreement, including all fees. Until then, the bank will remain the legal owner.

The winning bidder is required to make an initial payment of UAH 201 million — the amount offered at auction — and will then continue with monthly payments according to the agreed schedule.

The total appraised value of the complex is nearly UAH 798 million.

The buyer’s name has not been disclosed on the platform.

Oschadbank intends to reconstruct part of the parking facility into a cash-in-transit center, which will remain in its ownership and not be leased.

• The bank acquired these assets in 2017 and made several unsuccessful attempts to sell them together with the nearby Atmosphere shopping mall as one large lot.
• Previously, the property was owned by Dmytro Buriak, a Russian-born Lithuanian citizen and owner of the DeVision development company.