Cypriots' real estate for 300 million in Odesa decided to be sold at a Dutch auction

Insolvency administrator Iryna Stepanenko has once again put up for auction non-residential buildings and structures with a total area of 15,934.9 square meters in Odesa at 5 Novikova Street with a starting price of UAH 391,643.7 thousand.

However, according to Prozorro.Sale, this time it will be a Dutch auction.

The property belongs to Transbud-Zalizobeton Limited Liability Company, which, according to YouControl, was registered in Odesa in 2007 and is owned by a Cypriot citizen, Zoe Ioannou.

In January 2010, the National Bank of Ukraine entered into a loan agreement with the Public Joint Stock Company Commercial Bank Soccom Bank, which was undergoing a refinancing procedure at the time. At the same time, the NBU and Transbud-Zalizobeton LLC entered into a mortgage agreement to secure the fulfillment of the requirements under the above loan agreement.

In 2011, the NBU entered into an agreement with Imexbank on the assignment of claims under this agreement in the amount of UAH 165 million 568.9 thousand. In 2017, Imexbank assigned the rights of claim to PJSC Bank Alliance, which transferred them to LLC FC Horizont, which in turn transferred them to private enterprise Chek. The last pledgee is the Joint Stock Company Closed Non-Diversified Venture Corporate Investment Fund Tseliy, on behalf of which the Limited Liability Company Asset Management and Pension Fund Administration Company Daliz-Finance acts. The owner of Daliz-Finance is Tamara Tinus from Kyiv.

A hybrid Dutch auction is a price reduction auction in which the initial value of a lot is reduced step by step until one of the participants stops the reduction. Then comes the stage of closed bids: other participants can offer a price higher than the fixed price. The winner is the one who offered the highest amount. However, the participant who stopped the decline in the first stage has the right of last resort and can outbid the opponent's maximum price in the third stage. The auction starts even without participants, as it is possible to join after the start. It is used to sell assets whose market value is difficult to determine: overdue loans, property of bankrupt banks, or in the case of unsuccessful English auctions.

In March, insolvency trustee Iryna Stepanenko was unable to sell these non-residential buildings and structures at auction because there were no bidders.

Кирило Бойко

Odesa's Non-Residential Buildings Auction Starts at ₴ 391.6M - Dutch Format

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