Aequo

Aequo acted as Ukrainian legal counsel to Norfund, the Norwegian Investment Fund for Developing Countries, on its landmark first investment in Ukraine under the newly established Ukraine Investment Fund. The transaction involves an investment of approximately NOK 100 million (around EUR 8.5 million) into M10 Lviv Industrial Park, developed by Dragon Capital.

This strategic investment marks an important step in strengthening Ukraine’s economic resilience during wartime by supporting sustainable business operations, job creation, and the development of key logistics infrastructure.

Aequo advised Norfund on all Ukrainian law aspects of the transaction, including transaction structuring, legal due diligence of the asset, and negotiation of the transaction documentation. Aequo’s competition team successfully represented Norfund before the Antimonopoly Committee of Ukraine, supporting the receipt of clearance for the acquisition of joint control, together with Dragon Capital Investments Limited, over UIPH Ukrainian Industrial Property Holding Limited, the company managing M10 Lviv Industrial Park.

“The development of logistics infrastructure is critical today for Ukraine’s economic resilience and future recovery. This is a clear example of how international institutions and Ukrainian partners can join forces to deliver a positive economic impact for Ukraine,” said Yulia Kyrpa, Executive Partner at Aequo.

“Securing antitrust clearance for joint control in a wartime investment of this scale required a careful and pragmatic approach to competition law. We were pleased to support Norfund in obtaining timely approval for this strategically important project,” commented Mariya Nizhnik, Executive Partner at Aequo.

The Aequo project team was led by Yulia Kyrpa, Executive Partner, with the involvement of Yevheniia Chernetsova, Senior Associate of the Real Estate Practice Group. The Antitrust team, comprising Oleksandr Diakulych, Vitalii Savkov, Kyrylo Filevskyi and Yaroslav Kokoshko, was led by Mariya Nizhnik, Executive Partner.

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The Ukraine Investment Fund, established on 19 December 2024 as part of Norway’s Nansen Support Programme, aims to stimulate sustainable economic development and mobilise private capital in Ukraine.

M10 Lviv Industrial Park is a large-scale project by Dragon Capital in partnership with the EBRD, located in Lviv’s Riasne-2 industrial area, 60 km from the Polish border. The 23.5-hectare site allows for the development of six phases of manufacturing, warehouse, and office facilities that meet international sustainability standards. In 2023, the project received 10-year war risk insurance from the World Bank’s MIGA.