Dragon Capital Acquires Lviv Shopping Center Victoria Gardens

Dragon Capital Investments Limited, a member of the Dragon Capital group of companies, has completed the acquisition of shopping center Victoria Gardens, in the city of Lviv, from two Turkish private investors. The parties agreed not to disclose the deal value.

Opened in 2016, Victoria Gardens is the largest of the three regional shopping centers currently operating in the city. Dragon Capital CEO Tomas Fiala said: “We are delighted to announce the addition of a first-class shopping and entertainment center to our commercial real estate portfolio. Victoria Gardens represents our first acquisition outside of the Kyiv area, and, not incidentally, it is located in Lviv, one of the most dynamic cities in Ukraine. We believe in the growth potential of the city and this recently opened shopping mall, while our immediate focus is on the completion of construction works and promotion of Victoria Garden’s appeal to customers by means of pro-active marketing and strengthening of the existing tenant mix”.

Victoria Gardens, with a gross leasable area of 48,229 sq. m., is located in southern Lviv between a densely populated and growing residential district and the Lviv International Airport.

“Our efforts put into the creation of a high quality and customer friendly shopping center project have come to a logical conclusion. We are pleased that Dragon Capital, being a professional investor, has appreciated our work,” said Serhiy Ovchinnikov, a representative of the sellers.

Victoria Gardens consists of two main retail floors and two parking lots, surface parking at the façade and 3-level deck-parking at the back, for 1,500 cars in total. Core tenants include Silpo, Foxtrot, Argo, New Yorker, LPP Group, Multiplex cinema, Papashon entertainment center, and King Fitness gym.

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