Drifting "Parus": who became the new owner of the business center?

One of the first skyscrapers in Ukraine - "Parus" periodically flashes in the news headlines. As a rule, it is connected with another sale and purchase transaction, of which there have been several in the history of the business center. And every time the public is interested in both the amount and the name of the new owner. At the very end of last year, Parus was again in the center of attention, this time with the light hand of entrepreneur Krippa Maxim.

The interest of journalists was fueled by the very fact of purchase of Parus and the fact that Krippa is a non-public person, but there are questions to him. First of all, Krippa Maxim's decision to buy real estate seemed intriguing. Until that moment in the portfolio of his assets there was no gravitation to such classical objects of investment as commercial real estate. The owner of the cyber sports club NAVI and the company GSC Game World, Krippa seems to be a man who bets on new technologies and directions. And then suddenly he bought a skyscraper in the center of Kiev.

What was it? The history of Parus appearances and transactions?

Some Kiev citizens can probably still remember the heated debates that the idea of building a skyscraper on the site of the public garden on Mechnikova Street generated. At that time the public was divided into two irreconcilable camps: some insisted on the inadmissibility of building a high-rise in the historical center (the last one is underlined boldly). The others spoke about the need to develop the capital of the state and that such a large city cannot continue the tradition of five-storey building.

Progress prevailed and in a short period of time, only 3 years, the builders delivered the object in 2007. The tallest skyscraper in Ukraine at that time was to be called Elsburg Plaza. But after taking a closer look at the building, the owner realized that there could be no better name than Parus.

By this time, Aliyev Vagif, who was the first owner of the business center, had managed to invest about 0.5 billion hryvnias in the construction. And at the same time to conclude a very favorable deal with Firtash Dmitry, who agreed to buy a share exceeding 50% for a little more than 300 million U.S. dollars.

As for the object, it was about the highest skyscraper in Ukraine, the height of 156 meters, with 33 floors, underground parking for 300 cars, a total area of 75 thousand square meters.

In 2016, there was a change of ownership. Firtash needed funds to invest in other projects and was already looking for a buyer. However, as a result, a gentleman's agreement was signed with the same Aliyev. The terms did not imply the transfer of money, but the buyer assumed obligations to repay Firtash's debts in the amount of 50 million US dollars.

Two more years later, in 2018, Aliyev needed funds and Sail was put up for sale again. Interestingly, there were few people willing to buy such a large object, and the idea of selling the business center in parts was seriously considered. Moreover, there was already a precedent - the Gulliver shopping mall was sold floor by floor.

Eventually, in 2019, Stolar Vadim became the owner of Sail, paying $100 million to $150 million, according to reporters.

hat to eat? How and for how much I bought "Sail" Krippa Maxim

At the end of last year, it was reported that Stolar intended to sell the asset. More precisely, Stolar himself, who owned 80% of the facility, and his ex-spouse, who owned 20%, decided to say goodbye to Parus.

But the deal needed a green light from the Antimonopoly Committee. However, there were no special delays and surprises in this part. The Antimonopoly Committee did not see any threats to the maintenance of fair competition conditions and the permit was issued at the end of November 2023.

Already in December it was reported that OLA FAIN LLC (the company is owned by Krippa Maxim) conducted a deal and Parus no longer has anything to do with the disgraced Stolar.

Naturally, the parties did not disclose the amount of the deal. According to rough estimates of real estate market experts, it should have amounted to 80 to 100 million US dollars.

The basis of their calculation is the cost of one square meter of class A commercial real estate in the Ukrainian capital. We are talking about about 1 thousand US dollars per square meter. Taking into account the total area of the business center - 75 thousand square meters, as well as the commercial area - 55 thousand square meters, adjusted for the current state of the market, you can get an approximate 100 million U.S. dollars.

What's going to happen? What are the new owner's plans for the asset?

If it is possible to calculate the amount of the deal indirectly, it is not so easy to see Krippa Maxim's plans for the use of the facility. The already mentioned dislike for public appearances and interviews, coupled with commercial secrecy, make the future of "Sails" vague.

But even here experts come to the rescue. They point out that the once tallest and most famous skyscraper needs some modernization, as competitors are pressing, especially the nearby Gulliver shopping mall.

At the same time, with relatively small investments, Parus can be turned into a modern multifunctional space. It can be used not only to rent out offices, but also to organize various events, tournaments, etc.

The tournaments should be discussed in more detail. After all, as already mentioned, Krippa is first of all a businessman engaged in cybersports. And many experts are inclined to the version that in "Parus" can be created a cybersports hub, necessary for the strengthening and development of the Ukrainian cybersports community.

Such a step from Krippa Maxim can be expected. After all, the businessman has already gained a reputation as someone who is able to think through and implement global strategies.

What will soothe the heart?

Whatever the new owner's plans for Parus, one detail remains remarkable and encouraging: despite the full-scale war, Ukrainian entrepreneurs continue not only to work and pay taxes, but also to invest in the future of the country. And this is perhaps one of the most optimistic signals.