At a glance
What: ULIS.Vorokhta real-estate mutual fund (ICU + ULIS) financing a 33-room hotel and 80-seat rooftop restaurant on Kryvopilska Pass (Vorokhta, Carpathians). Investors buy certificates → co-own the business.
Ticket: ₴125,000 minimum (≈ $3,100).
Returns: 5 % p.a. USD dividends + upside to ~10 % p.a. including capital gain.
Payouts: quarterly, net of taxes.
Term: fund closes 11 Mar 2035; hotel launch & first payouts 2H 2026.
Exit: sell certificates on secondary market or ICU buy-back (3-5 % fee, ≤ 15 bd settlement).
Fees: AMC 1 % NAV in 2025 (up to 2 % later) + ≤ 0.5 % NAV service fees.
Governance: Piraeus Bank custodian, Imona-Audit, NSSMC oversight.
Why consider it?
Affordable entry to a sizeable asset.
Supply gap: no comparable modern hotels within 30 km; ULIS sites run ~85 % occupancy.
Carpathian growth story as domestic tourism rebounds.
20-year track record of ICU adds credibility.
Key risks
Geopolitics, liquidity, FX mismatch, single-asset exposure.
Roadmap: build through 2025 → open 2H 2026 → operate & pay dividends quarterly → fund wind-up 2035.
🔮 Market impact scenarios
Success could spark REIT-style products in Ukraine.
May channel household savings from low-yield deposits into regulated funds.
Peace & tourism boom = NAV uplift.
Prolonged war/recession could dampen yields and stall expansion.
Contacts: https://ulis.ua/vorokhta