The "October Palace" in Kyiv, worth about 1 billion UAH, was returned to state ownership

Why should the object be in state ownership

"October Palace" is a monument of cultural heritage of national importance. In addition, the complex is included in the official list of objects that are not subject to privatization and may be exclusively in state ownership.

Despite this, the ownership of the building was registered with the Federation of Professional Unions of Ukraine.

The prosecutor's office noted that the presence of such property in private ownership created a risk of its further alienation. That is why the state appealed to the court with the demand to return the complex to state ownership.

What object was returned to the state

The area of ​​the real estate complex is 17,597.7 square meters. m.

It is a landmark cultural location of Kyiv, which has been used as a concert and cultural space for many years. The return of the object to the state should allow to ensure its further proper functioning and effective management.

According to the plan, the use of the complex should combine economic benefits for the state with preservation of its cultural purpose.

They have already tried to transfer the palace into administration

In July 2025, the Agency for Search and Asset Management (ARMA) planned to transfer the "October Palace" into management. Then the starting cost was UAH 2 million per month.

Subsequently, ARMA, on a second attempt, identified a manager for the International Center of Culture and Arts "October Palace" in the center of Kyiv.

What happens to state property

The return of the "October Palace" is taking place against the background of the state's active work on the management and return of strategic and cultural assets.

For comparison, in 2025, according to the results of online auctions for large-scale privatization in the Prozorro system. Sales, the state received UAH 8.9 billion from the sale of four objects.

At the same time, since the start of small privatization auctions in 2018, the budgets of various levels received almost UAH 21.8 billion. Of this amount, approx UAH 15.9 billion came to the state budget, and almost UAH 6 billion — to local budgets.

Now the "October Palace" with an area of ​​almost 17,600 square meters should once again be in state ownership, which will allow it to be preserved as an important cultural object of the capital.