White Star Real Estate will become a co-investor in the 90,000 sq. m Class A logistics park WINHUB. The total project budget is approximately $80 million. Ruslan Shostak, President of TERWIN, and Founder and Co-owner of WINHUB, shared insights regarding the agreements between the parties, construction timelines, and plans for scaling the partnership.
09.07.2026
On the partnership with White Star Real Estate
The teams met at the MIPIM exhibition about a year and a half ago. Since then, we have been conducting negotiations and decided to unite for one of our logistics projects.
We met at the URC 2025 in Rome, and a year later, signed the agreement in Gdansk at the URC 2026.
On how they managed to convince a foreign company to invest in Ukraine during the war
This is a complex question for all investors who want to operate in Ukraine but see the risks. Russia is destroying infrastructure assets. At the same time, the state is gradually resolving the issue of war risk insurance. While this is not yet fully resolved for large-scale projects, it is already functioning for smaller ones. International investors act step-by-step. They see opportunities despite the risks.
On the WINHUB logistics park
We will build a Class A logistics park on 18 hectares in the village of Mriya, Bucha district, Kyiv region. The total area will be 90,000 sq. m, with total investments amounting to around $80 million.
We will implement the project in several phases over three to five years. We plan to start building the first phase of 20,000 sq. m in the fall of 2026 and complete it in the second half of 2027.
Building warehouses in Ukraine is a non-trivial task. It is no longer the kind of business where you construct a warehouse, lease it out, and collect rental income. If you look at current rental rates, construction costs, and discount rates, there won't be massive returns. However, we have found an economically attractive formula and possess an advantage: anyone starting today would have to spend at least a few years just to build their first project.
We have agreed with White Star to become co-owners of the logistics project after receiving AMCU (Antimonopoly Committee of Ukraine) approvals and to manage the project jointly. The majority of these $80 million will be raised from international financial institutions and banks. The final structure is not yet approved, but the project will definitely leverage credit. We are negotiating with foreign banks, primarily Polish ones.
Most of the space in the first phase already has potential tenants. Partly, these will be our own companies, which require logistics warehouses due to facilities lost in other cities.
On the project under construction in Odesa
In Odesa, the framework is already standing, and we are in the active phase of construction. We plan to deliver the first phase—approximately 26,000 sq. m—in the first quarter of 2027.
The second and third phases will follow. We are preparing to launch the next construction stage closer to the end of the year. The total scale of the hub in Odesa spans about 66 hectares of land. The potential capacity is approximately 280,000 sq. m. We plan to fully develop this site within five to seven years, with investments ranging between $100–200 million over these years.
The largest portion will consist of equity capital, with the rest coming from bank financing. We are finalizing agreements with a bank that is ready to additionally finance the project.
On the regions under consideration
We want to focus on Kyiv and Odesa. Many developers are already building in Lviv, and we expect that there might be market oversaturation there after the war.
There are still opportunities in the Kyiv region, which we are currently utilizing. In Odesa, a significant part of the infrastructure was destroyed, so we expect high demand there as well.
In Kyiv, we plan to build 750,000 – 800,000 sq. m. We purchased two plots: 18 hectares with a development potential of 101,000 sq. m, and 26 hectares near Boryspil Airport for approximately 160,000 sq. m. Together, this represents about 260,000 sq. m of potential development.
On the new technologies integrated into the project
We are preparing a drone delivery system. The goal is to make our warehouses the first in Ukraine where this is integrated directly into the infrastructure.
Drone logistics is already operational in Asia. Ukraine has the potential to become one of the centers for this industry's development after the war, particularly due to its extensive experience in drone technologies and R&D.
Various models are possible for the end consumer. For instance, an order from an online store can be delivered by drones to a specialized logistics hub or a pick-up point, followed by quick collection or delivery to the buyer within a few hours.
On energy-efficient solutions
We plan to source about 90% of our energy from renewable sources, with the potential to transition to 100%. The project includes water recycling, particularly rainwater harvesting, collection, and purification.
We are building bomb shelters and modern fire safety systems. We are also considering the installation of anti-UAV (anti-drone) systems at the facilities.
Certification will follow LEED standards. We are implementing this in partnership with an international company that supports the design process and will verify the compliance of the facilities with green standards.