Arricano Real Estate PLC (Cyprus), a leading Ukrainian shopping center developer, paid UAH 81.6 million in taxes and fees to the budgets of all levels in the first half of 2024, and transferred more than UAH 2.5 million in charitable assistance, the company’s press service reports.
“Despite the pressure of law enforcement agencies on Arricano Real Estate PLC’s business in Ukraine in 2023-2024, the leading developer of shopping malls does not lose faith in justice and victory of Ukraine and continues to reinvest in the development of its four shopping malls, the restoration of the Sun Gallery shopping mall (after a missile attack) and the construction of the Lukianivka shopping mall, work in frontline cities, create jobs and pay taxes and fees to the state budget of Ukraine,” the company said in a release.
It is noted that the group’s companies continue to systematically support the Ukrainian defense forces and help the military, charities and public organizations. Since the beginning of the year, the amount of financial assistance has amounted to more than UAH 2.5 million.
Investments in the renovation of frontline shopping malls and the restoration of the Sun Gallery shopping mall, which was damaged by a missile attack on Kryvyi Rih in January 2024, have amounted to about UAH 51 million as of today. The release emphasizes that it took less than a month to reopen some of the stores and facilities of the Sun Gallery shopping mall. Currently, the shopping center has 74 operators, and this number continues to grow.
In the first half of the year, 84 stores and establishments with a total area of 25.4 thousand square meters were opened and renovated in Arricano shopping malls.
As reported, on June 17, 2024, at the request of the prosecutor of the Kyiv Regional Prosecutor’s Office, the investigating judge of the Solomianskyi District Court of Kyiv seized the accounts of Prisma Alpha LLC and Livoberezheinvest PrJSC, which manage CITY MALL (Zaporizhzhia) and RayON shopping mall. Later, on July 25, 2024, the Solomyansky District Court of Kyiv decided to cancel the arrest of the RayON shopping center imposed in October 2023, recognizing the prosecutor’s arguments as insufficient.
Arricano Real Estate Plc specializes in the construction of shopping malls and is one of the leading developers in the Ukrainian real estate market. The company owns and operates five shopping centers in the country with a total area of 147.6 thousand square meters: RayON and Prospekt in Kyiv, Sun Gallery in Kryvyi Rih, and City Mall in Zaporizhzhia. The company also owns 49.9% in Sky Mall (Kyiv) and land plots for further construction of three projects that are currently under design. The company is also engaged in the construction of the Lukianivka shopping center in Kyiv.
According to Opendatabot, Arricano Real Estate Plc’s revenue for 2023 amounted to UAH 36 million 155.9 thousand, which is 52.8% higher than in 2022, while net profit increased 2.28 times to UAH 7 million 167.7 thousand.
Arricano Real Estate Plc, a developer of shopping malls, continues to invest in the renovation of the Sun Gallery shopping mall in Kryvyi Rih and the construction of the Lukianivka shopping mall in Kyiv, said Margus Kurm, Chairman of the Board of Directors of Arricano, in an interview with Interfax-Ukraine.
“We have not stopped any of our activities. We are going to invest in Kryvyi Rih to repair our property, as well as in the construction of the Lukianivka shopping mall and other planned projects,” Kurm assured.
As reported, the building of the “Solar Gallery” (Kryvyi Rih) was damaged on January 8, 2024, as a result of a Russian missile attack. According to experts, the repair work will cost more than UAH 30 million. Arricano has already invested UAH 17.5 million and needs to invest more to fully restore the mall.
According to Kurm, the total budget of the Lukianivka shopping mall is about $145 million, and the company has invested $84 million so far.
“This means that additional investments are needed to complete the project. And we also need to attract some financial institutions to lend to this project. Thus, the completion of this project mainly depends on how quickly we can stop the actual raiding of our other assets,” Kurm explained.
As reported, over the years of its operation in the Ukrainian market, Arricano has invested more than $600 million in the Ukrainian economy and continues to invest.
Arricano Real Estate Plc (Cyprus) specializes in the construction of shopping and entertainment centers and is one of the leading developers in the Ukrainian real estate market. It owns and manages five shopping centers in the country with a total area of 147.6 thousand square meters: “RayON and Prospekt in Kyiv, Sun Gallery in Kryvyi Rih, and City Mall in Zaporizhzhia. The company also owns 49.9% in Sky Mall (Kyiv) and land plots for further construction of three projects that are currently under design. The company is also engaged in the construction of the Lukianivka shopping center in Kyiv.
According to the earnings report, Arricano Real Estate Plc’s revenue for 2023 amounted to UAH 36 million 155.9 thousand, which is 52.8% higher than in 2022, while net profit increased 2.28 times to UAH 7 million 167.7 thousand.
According to the report, in the first half of 2022, the largest shareholder was Estonian Rauno Teder, who increased his stake to 70.86% from 15.92% after his father Hillar Teder transferred his stake to him. Dragon Capital Investments Limited and Jüri Põld were also named among the shareholders.
Arricano’s shares were listed on the London Stock Exchange in 2013 and delisted due to the war in 2023. In addition to Dragon Capital, Arricano has attracted foreign investment from various reputable international investment banks, including Goldman Sachs and Morgan Stanley clients.
The full text of the interview with Margus Kurm will be published on the main page of the agency’s website www.interfax.com.ua.
Arricano Real Estate Plc (Cyprus), the management company and developer of a number of shopping and entertainment centers in Ukraine, will limit the work of its trade centers in Kyiv, Zaporizhia and Kryvy Rih on weekends in accordance with the quarantine conditions until November 30.
According to a report from Arricano on the London Stock Exchange (LSE), the mall will be open an hour longer on weekdays.
Such restrictions will not significantly affect the financial results, the company believes.
Arricano Real Estate Plc specializes in the construction of shopping and entertainment centers, and is one of the leading developers on the Ukrainian real estate market. It owns and operates five shopping centers in the country with a total area of 147,300 square meters, namely RayON and Prospect in Kyiv, Soniacha Halereya (Solar Gallery) in Kryvy Rih, City Mall in Zaporizhia. The company also owns 49.9% in Sky Mall (Kyiv).
The net profit of Arricano Real Estate Plc (Cyprus), the managing company and developer of a number of shopping and entertainment centers in Ukraine, amounted to $8 million in 2019, which is 4.7 times less than in 2018. According to a company report released on the London Stock Exchange, its revenue last year increased by 18.2%, to $37.3 million.
The losses from revaluation of Arricano’s investment property in 2019 were $12.2 million, compared with profit from revaluation of investment property of $42.25 million a year earlier.
“In connection with the increase in the hryvnia to U.S. dollar exchange rate in 2019, a loss from revaluation of investment property for the total amount of $12.2 million was reflected. This was more than fully offset by currency conversion adjustments related to investment property,” the company’s report said.
As a result, the total fair value of Arricano’s investment property increased by 11.9%, to $289.3 million as of December 31, 2019. The increase in portfolio value was mainly due to an increase in rental income from operating real estate.
In addition, the net value of assets jumped by 36%, to $127.9 million, or $1.24 per share.
Arricano Real Estate Plc specializes in construction of shopping and entertainment centers, it is one of the leading developers in the Ukrainian real estate market.
Arricano Real Estate Plc (Cyprus), the managing company and developer of a number of shopping and entertainment centers in Ukraine, received $8.56 million in net profit in the first half of 2019, which is 38% less than in the first half of 2018.
According to the company’s report, posted on the London Stock Exchange’s website, its revenue for January-June increased by 17%, to $17.3 million, while total profit decreased by 19.8%, to $17.74 million.
The fair value of the company’s portfolio increased by 9%, to $281.3 million.
According to Arricano, the growth of this indicator is associated with an increase in the value of the operating real estate portfolio by $15.6 million, as well as projects under development by $7.2 million.
Arricano’s net asset value in the first half of the year, according to its report, increased from $94 million to $111.8 million.
In addition, the developer notes an increase in the occupancy of its shopping centers from 99.7% to 99.9% and 82 new leasing contracts compared to 68 in the first half of 2018.
As reported, Arricano in 2018 received $38.1 million in net profit, which is 47.6% more than in 2017. Its revenue increased by 14.4% and amounted to $31.52 million.
Arricano Real Estate Plc (Cyprus), managing company and developer of shopping and entertainment malls in Ukraine, is going to sell two its properties: Sun Gallery Mall in Kryvyi Rih (Dnipropetrovsk region) and City Mall in Zaporizhia.
“Arricano is pleased to announce it has entered into negotiations to sell two of its properties in its property portfolio, Sun Gallery (located in Kryvyi Rih, Ukraine) and City Mall (located in Zaporizhzhia, Ukraine),” reads an announcement of the company posted on London Stock Exchange (LSE) on July 31.
The developer said it has entered into non-binding heads of terms with Dragon Capital Investments Limited and with other parties in relation to such sale.
“A sale of the properties is a part of Arricano Real Estate PLC global strategy, due to which received funds will be meant for the development of portfolio and strengthening of the company’s positions,” Arricano CEO Mykhailo Merkulov told Interfax-Ukraine.
According to the developer, Sun Gallery is currently held in Arricano’s subsidiary, PrJSC Ukrpangroup, a Ukrainian subsidiary of Museo Holdings Limited and City Mall is currently held in in Arricano’s subsidiary, Pryzma Alfa LLC, aUkrainian subsidiary of Sunloop Co Limited.
Arricano is one of the leading real estate developers of shopping centres in Ukraine with European investments. It is listed on the AIM Market of the London Stock Exchange since 2013. Today Arricano Group owns and operates five completed shopping centers and 49,9% shareholding in Sky Mall and land for further three sites currently under development.
