Kyiv's Gulliver Complex to Fully Reopen on February 1, 2025

Gulliver Office and Retail Complex Prepares for Full Reopening

According to Главком: Kyiv's Gulliver complex is set to resume full operations, with its grand reopening scheduled for February 1, 2025. Originally opened in 2013, the center will return to normal after suspending its activities on October 31, 2023. It has been operating on a limited basis since December 12, 2023, allowing some tenants to resume business. This reopening is a significant event for Kyiv's commercial landscape, signaling a return to normalcy for a major city landmark.

Financial and management troubles for the complex stemmed from a substantial construction debt of $460 million. This debt was restructured in 2020, with the repayment deadline extended from 2025 to 2044. Management of Gulliver was transferred to Ukraine's Asset Recovery and Management Agency (ARMA) in 2017, following criminal proceedings related to the alleged misappropriation of funds from state-owned banks.

Criminal Investigations and Ownership Changes

A new criminal investigation concerning Viktor Polishchuk was initiated in April 2024. Subsequently, on August 1, 2024, the company TOV 'TriO' announced the transfer of the complex to creditor banks. By the end of July 2024, a consortium of two state-owned banks had become the owner of Gulliver. ARMA announced the termination of a competitive search for a manager on October 15, 2024, and the complex was closed to visitors on October 30, 2024. During this closure, tenants were granted a rent payment holiday.

The revival of the complex is a crucial development for business in Ukraine, as Gulliver has been a prominent retail and office hub in the capital. The planned reopening on February 1, 2025, is expected to restore activity not only for tenants but also for visitors who will once again be able to use its facilities.

Gulliver's return to full operation is likely to benefit Kyiv's economy by creating new jobs and stimulating local commerce. Furthermore, the complex's recovery will enhance the capital's image as a key commercial and business center in Ukraine, potentially attracting new investors and visitors.