During the full-scale invasion of his country, Ukrainian businessman Maksym Krippa was actively buying up property in Ukraine, and in 2023-24, he spent around $100 million on new real estate. The businessman revealed the terms of his acquisition of the Parus Business Center and why he purchased the unprofitable «Ukraine» hotel in an interview with Forbes Ukraine.
How much was the Parus Business Center sold for?
Built in 2006, the 33-storey Parus Business Center is one of the most expensive in Kyiv, and was purchased last year by Maksym Krippa from construction mogul and politician Vadym Stolar. Among the previous owners of the prestigious, class-A (the highest possible) business center were sanctioned oligarch Dmytro Firtash and co-owner of development company KAN Vagif Aliyev.
Krippa has announced that Parus is currently operating at minimum 90% capacity, which is a strong figure in comparison to the average of up to 75% for business centers in the capital. The center generates profit.
The businessman admitted that in two years, he has spent over $100 million on real estate in Ukraine; however, he refused to reveal how much he had spent on Parus.
«You wouldn’t be able to build a similar new business center with the money I spent», he explains.
Krippa also noted that as the new owner, he inherited a 600 million hryvnia (some $15m) commercial loan which Parus owed.
Why did Krippa buy the «Ukraine» hotel?
In October 2024, at the official Prozorro public procurement system auction, Krippa purchased the «Ukraine» hotel from the state for 3 billion hryvnias (some $75m). The business considers this property a «significant and legendary asset», which will, in future, enable him to earn profits twice or three times its estimated value today.
The «Ukraine» hotel was built in 1961, and has 16 floors, a total floor area of almost 22,500 square meters, 363 rooms, a restaurant, a business center, and six conference halls.
The hotel was sold with debts of around 36 million hryvnias (some $870,000).
In 2023, Krippa purchased a recreation center in Kozyn, Kyiv region, from the State Property Fund.
Where does Krippa’s money come from?
In the first half of the 2000s, Krippa owned an exclusive operator deal with Kyivstar. In his own words, he earned his first million by signing subscribers up to the network.
The businessman now makes most of his money from property dealings in the UAE — buying and selling, renting, and managing. He entered the UAE market in 2016, when it was stagnating; in the last few years, prices have jumped by 5-7 times.
Bear in mind that Maksym Krippa owns the esports team NAVI and esports streaming company Maincast, and is the biggest investor in GSC Game World, which released the game S.T.A.L.K.E.R.2.
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