Thestructures of the businessperson Anatoly Yurkevich signed the equity swap agreement with VTB Bank on Kharkiv’s Magellan Shopping Mall, LIGA.net reports.

The equity swap was carried out last week. Until recently, Yurkevich was the owner of three Magellan shopping malls (in Kyiv, Kharkiv and Nikolaev), which are managed by Krai Development Group. It was also planned to build one more shopping mall in Dnieper, the author reports.

For the last few years, the shopping malls in Kyiv and Kharkiv were offered for sale; British company London & Regional, the owner of Ukrainian Globus Shopping Mall and Podol Plaza Business Center, took interest in purchasing Kyiv’s shopping mall, the real estate consultant, who did not want to be identified, told. However, the parties did not agree on the terms of transaction.

Two years ago, Anatoly Yurkevich announced about the plans of construction of the second stage of Magellan in Kharkiv, which would enable to increase the total area of the shopping center from 43 thousand to 93.5 ths sq.m.

“The construction of shopping mall was not completed due to withheld funding from VTB. Also, as the result of devaluation and incomplete construction it was necessary to lower rental rates, - Yurkevich told – The situation did not allow to repay the loan and we decided to settle this conflict peacefully”.

VTB Bank’s press-office reported that the bank assumed ownership over Kharkiv’s Magellan, based on the mortgage clause (the clause in the agreement, as per which it is allowed to foreclose property on the extrajudicial basis) and plans to manage the mall and to offer it for sale in future.

VTB Bank and Yurkevich do not reveal the amount of arrears of the businessperson’s company to the bank.

“It is not the first shopping mall, which Yurkevich needs to part with. Last year, he also sold Kraina Hypermarket Chain, the area of each from which was about 10 thousand sq.m. to its rival – Karavan. Yurkevich did not say the exact price of sale, informing only that this is about dozens of millions of dollars”, according to the article.

It should be reminded that in 2015, the Ukrainian Professional Bank, belonging to Yurkevich, was declared insolvent.

Previously, VTB Chairman Andrey Kostin claimed that he “does not see prospects for business development in Ukraine”.