Cascade Investment Fund sold stocks of several large companies with assets in Ukraine. It was the fund’s pre-war strategy. During the last three years, from 2020 to 2023, Cascade has exited, in particular, such large companies as Kernel, JKX Oil&Gas and Ukrnaftoburinnya.

Cascade Investment Fund sold the first part of Kernel shares on the Warsaw Stock Exchange in 2020. The second – during share buy-backs announced by Kernel. The third – in 2023, during delisting. It was the only opportunity to get liquidity, despite the price being almost three times lower than before the great war, said CEO of Cascade Investment Fund Vitaliy Khomutynnik. “It is not so easy to exit a company with such a stake as ours, given the limited trading limit of shares on the stock exchange,” he said. “Therefore, any options, including delisting, were acceptable for us.”

Until recently, Cascade’s largest asset was Ukrnaftoburinnya, Ukrainian second private gas production company in terms of production volume. “We agreed on a deal on exiting the company] at the end of 2021,” said Cascade Investment Fund Financial Director Kostiantyn Viushynskyi. – Due to the beginning of the war, the deal was greatly transformed. As a result, we exited the company for half the amount we entered, but there was a large upside in the form of undistributed dividends,” he said. The package was sold to a Ukrainian businessman, added Viushynskyi.

Currently, Cascade Investment Fund is focused on real estate and private equity projects in Europe, as well as building a fund of funds structure.

Forbes.ua


Cascade Investment Fund exited agro, oil & gas assets

**Today, on November 12, the opening of the super-regional shopping mall Respublika Park took place. The total area is 300,000 sq.m, the lease area is 135,000 sq.m The pride of the mall is a unique park under the roof of the mall. The shopping gallery will house more than 500 tenants - clothing and shoe stores, household goods, cosmetics and accessories, services. The flagship store of the Silpo chain in the unique concept of Brazil, with an area of 10,000 sq. m, became the product anchor. In Respublika Park the largest in Ukraine 15-hall cinema Multiplex is presented with the new IMAX, as well as the innovative digital-amusement park Neopolis, about 50 restaurants of different formats and a fitness center. The mall's parking is designed for 3,500 cars.**

 *“This is definitely the most anticipated project on the development market. Despite the difficult times associated with the pandemic and the economic situation, we did not suspend funding for a single day and completed the project on time. The shopping mall Respublika Park is an important infrastructure facility in Kyiv, thanks to its opening, more than 5,000 people will receive jobs. The shopping mall was also the first in Ukraine to receive an expert conclusion on accessibility for persons with disabilities and other low-mobility groups,”* said Anatolii Shakhnovskyi, COO of Respublika Park, head of the supervisory board of Cascade Investment Fund.

Among the advantages of the shopping mall Respublika Park are the unique public space "Oasis" with living plants (with a total area of 2000 sq.m), the first wind tunnel in Ukraine (20 meters high, 16 meters of free flight), the innovative digital-amusement park Neopolis with a huge selection of VR and AR-attractions and an e-sports zone (with an area of 11,000 sq. m), the largest roller coaster in Europe under the roof of the mall.

Among the tenants of the mall are such fashion operators as shops of the Inditex group (Zara, Massimo Dutti, Pull & Bear, Bershka, Stradivarius, Oysho) with a total area of 7000 sq.m, some of which are presented in the mall in a completely new design format. Also, H&M clothing department store, LPP brands (Reserved, Mohito, Cropp, House, Sinsay), MTI chain stores (Intertop, Ecco, Geox, Skechers, Timberland, Marc OʼPolo, The North Face, Vans, Armani Exchange, Tous, Pandora), and shops of the MD-Fashion group (Under Armor, STEM, Tommy Hilfiger, Diesel, Calvin Klein, Mexx, Etam). Electronics stores are represented by Comfy, Foxtrot, Eldorado, ALLO, Citrus. Sports goods are represented by the following brands: ARENA, New Balance, PUMA, Nike, Marathon, Intersport, Sportmaster and others. The gallery of children's goods contains the flagship format of the Antoshka chain store (1500 sq.m), as well as Budinok Igrashok, LIBRARIUM, Chicco and others. The pool of tenants will be supplemented by Jysk, DeFacto, LC Waikiki, Brocard, Yves Rocher, JAN, Master Zoo and many others.

McDonald's, Salateira, Takahuli, Sushiya, Il Molino, Tbiliso, MasterBurger, Lviv Croissants and other food operators will be accommodated at the food court with a total area of 9300 sq.m.

*“The opening of the shopping mall Respublika Park took place with an occupancy rate of 61%. We can say with confidence that 79% of the space will be opened by the end of the year. We consider this a great success, given that Kyiv is now in the red zone. I want to note that we are focused on the important and the funds that were planned to be spent on the concert program in connection with the opening were directed to the purchase of medical equipment for the Kyiv City Hospital No.10 to combat the pandemic,"* said Yuliia Shchaslyva, CEO of Respublika Park Shopping mall.

The shopping mall opens with strict observance of all sanitary and epidemiological standards of the red zone: checkpoints have been created in the shopping mall, where documents confirming the presence of a vaccine or valid PCR tests are checked. For the safety of personnel and visitors, the administration has installed sanitizers; additional disinfection of all rooms will be regularly carried out. A mass vaccination station against COVID-19 opens inside Respublika Park.

The project was developed by: general contractor - KAN Development (Ukraine), concept of an amusement park - KCC Entertainment Design (Belgium), concept of facade and landscaping - TconcepT (Netherlands), development of corporate identity and navigation concept - Air Design (Great Britain), project architect - Bureau Archimatika.





The largest shopping mall in Ukraine and Europe was opened in Kyiv - Respublika Park

Head of the Supervisory Board of Cascade Investment Fund Anatoliy Shakhnovsky confirmed that the fund is investing in shopping and entertainment center Respublika Park. According to him, the facility should be completed and commissioned by the end of this year.

“We have acquired all the rights and are already actively investing in the completion of the shopping and entertainment center. We believe that due to the new concept this project will be successful. It will be the largest shopping center in Ukraine with a total area of more than 300,000 m2, more than 500 shops, amusement park with latest technologies, about 50 restaurants, cinemas”, - said Anatoliy Shakhnovsky. 

He also added that they plan to open shopping and entertainment center by the end of 2021.

“If there are no force majeure because of pandemic, the facility will be commissioned in May this year, and opened to visitors in the 4th quarter of this year. As I said, with a new concept, as well as rebranding to Respublika Park”, - pointed Shakhnovsky.

Anatoliy Shakhnovsky was appointed COO of the Respublika Park project.

Respublika Park is one of the largest shopping and entertainment centers in Kiev, the construction of which began in 2012 and was suspended in 2015. The owner of Cascade Investment Fund is Vitaliy Khomutynnik.

[Interfax](https://en.interfax.com.ua/news/economic/733934.html)

New investor announced opening of shopping and entertainment center «Respublika» by the end of the year 

The closer the farmland market opening in Ukraine is, the more lively the trade in agricultural assets becomes. In August 2020, the Antimonopoly Committee of Ukraine (AMCU) authorized Agartha Fund LP (U.A.E.) for the purchase of 13 agricultural enterprises from Vitaliy Khomutynnik, co-owner of Kernel Holding S.A. In February this year, the AMCU reverted to the case again. The AMCU authorized the purchase of agricultural enterprises by Kernel Holding S.A.

Anatoly Shakhnovsky, Chairman of the Supervisory Board of Cascade Investment Fund, told Latifundist.com what CascadeAgro is selling.

Latifundist.com: Previously, Agartha Fund was a potential bidder for 13 agricultural companies. Have the negotiations with this company been terminated? Is Kernel’s offer more competitive?

Anatoly Shakhnovsky: We continue negotiations with several potential buyers, including Agartha Fund, Kernel and others, for the acquisition of CascadeAgro’s 13 companies. Ultimately, the deal will depend on whose offer will be more appealing.

Latifundist.com: Does this mean a consolidation of Kernel and Cascade Investment Fund assets? Or is it about the fund’s intention to dispose of land and agro-infrastructure assets?

Anatoly Shakhnovsky: This is by no means about the consolidation of assets. As part of Cascade Investment Fund’s development strategy, other priority areas for investment were outlined, so a decision has been made to sell 13 companies.

Latifundist.com: How much farmland do the businesses being sold cultivate? By analytical companies’ estimates, the total land bank is 39.9 thou. ha. Is that so?

Anatoly Shakhnovsky: CaskadeAgro manages 43,000 ha of farmland, two grain elevators with a total storage capacity of 105,000 t and two farms. It is fully equipped with machinery and has sufficient working capital.

Latifundist.com: Did CascadeAgro acquire assets from Kernel back then?

Anatoly Shakhnovsky: The company was developing for more than 15 years. During this period of time, assets were acquired from different owners at that time, including Kernel.

Latifundist.com: If the enterprises are sold to Kernel, will it be for money or for shares? In case for money, what may the transaction amount be?

Anatoly Shakhnovsky: Only the sale for money is being discussed, we are still at the stage of considering offers, and it is too early to say whether Kernel will be the buyer.

Latifundist.com: Will Vitaliy Khomutynnik increase his stake in the share capital of Kernel Holding S.A.?

Anatoly Shakhnovsky: We will consider market conditions and share prices.

[Latifundist.com](https://latifundist.com/en/interview/576-predpriyatiya-kaskad-agro-prodadut-tomu-chya-summa-predlozheniya-budet-interesnee--anatolij-shahnovskij)

Anatoly Shakhnovsky: The Highest Bid Will Win CascadeAgro

Cascade Investment Fund, owned by Vitaliy Khomutynnik, sold 20% in oil and gas company JKX Oil & Gas to Bridgewater fund, said on the London Stock Exchange website, writes Interfax-Ukraine.

As reported, in 2019 JKX received $22.21 million in net profit, which is 45.6% better than in 2018. The increase in profitability is associated with an increase in revenue by 9.6% - to $101.74 million.

JKX Oil & Gas is engaged in the exploration and production of hydrocarbons. The Poltava Petroleum Company, owned by JKX (PPC, Poltava Petroleum Company, RRS) is one of the largest non-state oil and gas companies in Ukraine. It holds five production licenses and one for geological exploration, including pilot production.

JKX's largest shareholder is the Eclairs Group which owns a 27.54% stake.

[Interfax](https://en.interfax.com.ua/news/economic/708221.html)

Cascade Investment Fund sold 20% of oil and gas company JKX

kernel.png

Kernel Holding S.A. (herein «Kernel») is pleased to announce that the Board of Directors of Kernel recommends the annual general meeting of shareholders to be held on 10 December 2020 to approve the dividend of US$ 0.42 per share for the financial year ended on 30 June 2020 and to delegate the to the board of directors to set up record and payment dates for the dividends distribution. 

The recommended dividend implies 30% payout ratio and represents 68% dividend increase year-on-year.
Since FY2014, Kernel paid a fixed annual dividend of US$ 0.25 per share.

[Kernel](https://www.kernel.ua/media-center/news/#board-of-directors-recommends-kernel-shareholders-to-approve-the-increase-of-dividend-to-us-0-42-per-share-for-fy2020)

Kernel suggests shareholders approving FY2020 dividends at $0.42 per share

German drinks delivery startup Flaschenpost (or «bottle post») has been sold to food giant The Oetker Group for €1 billion. The Oetker Group interestingly attempted to create their own version of the service with their offer of «Durstexpress», but have now decided to acquire the original, which promises to deliver drinks to customers’ doors in under 2 hours.

If you’ve not heard of Flaschenpost yet, this Münster-based startup, which was founded in 2016, is a fast growing beverage delivery service currently live across 23 German cities. Orders can be placed via the app, and the drinks are delivered free of charge within 120 minutes.
Today, the startup employs around 7,000 people, including drivers and warehouse workers, and has created its own water and beer brands, which count for 15% of sales.

Home delivery is a service that has unsurprisingly boomed since the coronavirus pandemic began. Whether it be door-to-door supermarket deliveries, takeaway food, or recipe boxes, startups working in this area have been some of the few to profit from the current environment – and Flaschenpost is one of them.

The startup is said to have made around €27 million in sales in October alone, which, extrapolated over 12 months, is over €320 million. «The second corona wave will not harm the further growth of Flaschenpost. The new lockdown has in fact accelerated the signing of the deal», - explained Alexander Hüsing, Editor in Chief of Deutsche Startups.

[EU-STARTUPS](Dr-Oetker-acquires-German-drinks-delivery-startup-Flaschenpost-for-€1-billion)


Dr Oetker acquires German drinks delivery startup Flaschenpost for €1 billion

5f66d748a1a332dee4f63ca4_Logo_Black_Mango.svg

Playco, a new mobile gaming startup, raised $100 million in a funding round and became «unicorn». Its valuation now is estimated at $1 billion. One of Playco's investors is the Cascade Investment Fund, owned by Vitaliy Khomutynnik.

On his LinkedIn page, he wrote that «our other portfolio company has become a unicorn».

Playco is a startup focused on creating games that can be played without downloading them, and launched from a link and on any platform. Today, the company's founders are targeting platforms such as Google Play Instant, iOS App Clips, Facebook Instant Games, and Snapchat Minis.

The main investors of Playco are American venture capital fund Sequoia Capital, as well as other foreign funds, including Sozo Ventures, Raymond Tonsing’s Caffeinated Capital, Keisuke Honda’s KSK Angel Fund, Taizo Son’s Mistletoe Singapore, Digital Garage, Will Smith’s Dreamers, Makers Fund.

Earlier, another portfolio company of Khomutynnik investment fund has already become «unicorn». Last year, Berlin-based insurtech startup Wefox Group raised $110 million in another round of funding, and its valuation increased to $1.65 billion.

[Interfax Ukraine](https://en.interfax.com.ua/news/economic/689759.html)


A new mobile gaming startup Playco raised $100 million and became unicorn

cascadeagro.png

French businessman Alexandre Garese is going to buy through the Agartha Fund L.P. (Abu Dhabi, UAE) under the management of ADS Investment Solutions 13 agricultural companies included in the agricultural holding «Cascade Agro» Ukrainian businessman Vitaliy Khomutynnik. 

The Antimonopoly Committee of Ukraine gave its permission for the purchase of stocks in companies - Agrofirma Vidrodzhennya, Sosnitskie Agrarian Investments, Chervonyanskie Agrarian Investments, Niva, Krasnokolyadinskoe, Agrodmitrievskoe, Ukraine, Korop Agrarian Investments (all - Chernihiv region) and Agro-Polis, Chervonoslobodskoe-2, Zasulla-5 Agrosvit (all - Sumy region), what ensured the excess 50% of votes in the supreme governing body of companies.

Agricultural holding «Cascade Agro» controls about 40,000 hectares in the Chernigov and Sumy regions, as well as several large grain elevators.

Agartha Fund L.P. - a private equity fund, open to other investors and managed by ADS Investment Solutions.

[InVenture](https://inventure.com.ua/news/ukraine/investicionnyj-fond-agartha-fund-l.p.-oae-nameren-kupit-agroholding-vitaliya-homutynnika)


Arab Investment Fund Agartha Fund L.P. is going to buy 13 agricultural companies of Ukrainian businessman Vitaliy Khomutynnik 

The investment fund of Vitaliy Khomutynnik Cascade Investment has become an investor in two unfinished shopping and entertainment centers in Kyiv - Respublika and Vyrlitsa, writes NV Business.

This information was confirmed by the head of the supervisory board of Cascade Investment Fund Anatoly Shakhnovsky.

The total area of the Vyrlitsa shopping and entertainment center will be 200,000 square meters. According to Shakhnovsky, the design of the future shopping and entertainment center is planned to be completed by the end of the year. The new investor will have to reissue some permits, strengthen and clean the shoreline of the lake. 

Cascade Investment Fund is also interested in unfinished project of shopping and entertainment center Respublika. Its area is about 300,000 sq m. The opening is planned in 2021. «The shopping and entertainment center Respublika is also an interesting project for us and we are considering it for investments. Our development division in fund - company IDC Cascade - is responsible for it», - Shakhnovsky told the magazine. 

[NV Business](https://nv.ua/biz/consmarket/vitaliy-homutynnik-dostroit-trc-vyrlica-novosti-50083547.html)



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