Owner Seeks Exit from Major Kyiv Retail Asset
Garik Korogodsky, a co-owner of the Dream Town shopping and entertainment complex in Kyiv, is planning to sell his stake in the property. The total value of the transaction, including the assumption of debt, could reach $100 million. Despite carrying a significant mortgage, the mall continues to operate profitably. This sale represents a major potential shift in the ownership of one of Kyiv's landmark retail destinations.
Korogodsky owns a 74% stake in Vita-Veritas LLC, the entity that owns Dream Town. The other co-owners are Mikhail Shmilman, who holds nearly 25%, and Lyudmila Shapoval, with a 0.1% share. From the direct sale of the complex, Korogodsky expects to receive between $60 and $70 million. The Dream Town mall is currently held as collateral under a mortgage agreement with the state-owned Oschadbank.
Financial Performance and Historical Context
The mall generates an average monthly income of approximately 63 million hryvnias and houses around 400 stores. The total area of the complex is 160,000 square meters, with 101,200 square meters designated for lease. In 2024, Vita-Veritas LLC declared revenue of 684.2 million hryvnias against a loss of 17.5 million hryvnias. For the first half of 2025, the company's revenue was 362.4 million hryvnias, with a profit of 2.8 million hryvnias.
Explaining his motivation for the sale, Garik Korogodsky stated: 'I want to sell everything and focus on public affairs and creative pursuits.'
Based on 2025 results, he ranks among Ukraine's top twenty individuals with significant rental income. Dream Town first opened its doors in 2009 with an initial section named Dream Yellow, followed by the launch of a second section, Dream Berry, in 2011.
A successful sale of Dream Town would mark a significant event in Ukraine's commercial real estate market, given the mall's profitability and popularity. The transaction could signal broader investment trends in the country's retail sector amid ongoing economic challenges. Korogodsky's decision to step away from business management in favor of civic and creative work also highlights evolving priorities for some entrepreneurs in the region.