ARMA looking for manager for seized Flagship shopping center in Frankivsk: how much is the property valued and who owns it
14 October 18:53
The Asset Recovery and Management Agency(ARMA) has announced that it is accepting proposals for the management of the seized Flagman shopping center in Ivano-Frankivsk, "Komersant Ukrainian" reports.
The property belonged to Russian citizens and was seized by court order as material evidence in criminal proceedings related to the activities of Russians in Ukraine.
What is known about the property
“Flagman is a three-storey retail and office complex, which includes:
- 16 real estate objects
- a land plot,
- and a garage.
According to an independent appraisal, the market value of the asset is UAH 309.78 million.
The shopping center is located near the central part of Ivano-Frankivsk, next to the city lake and Shevchenko Park, i.e. in an attractive area for business.
What is ARMA’s role?
The ARMA is responsible for finding, seizing and managing assets that may be material evidence in cases related to corruption or high treason.
Flagship was placed under management by a decision of the Ivano-Frankivsk City Court.
Now the agency has to find a manager who will temporarily manage the property in order to preserve its value and generate profit for the state.
Why this is important
“Flagship is not the only major facility that the state has seized from Russian citizens. Since the beginning of the full-scale invasion, there have been hundreds of such assets across Ukraine.
These include not only real estate, but also businesses, corporate rights, transportation, and land.
However, the effectiveness of managing these assets has been the subject of criticism, in particular due to non-transparent tenders and conflicts of interest.
ARMA will be accepting applications from potential managers of Flagship in the coming weeks.
After that, a company will be selected to manage the complex, most likely for a year.
The key task is to ensure the transparency of the process and prevent the recurrence of situations where seized property is transferred to the control of dubious entities.
As a reminder, ARMA was established in 2016 to manage seized assets in cases of corruption and crimes committed by public officials.
After 2022, its powers were extended to include assets of citizens and companies of the aggressor country.
However, a number of investigations, including journalistic and parliamentary ones, have called into question the agency’s effectiveness.
In 2025, the NABU and the SAPO opened several criminal proceedings regarding abuses in ARMA tenders.
