An average vacancy rate across portfolio of shopping and entertainment centers in Ukraine managed by the Arricano Real Estate Plc (Cyprus) is 0.1% through January-June of 2019, according to the company’s report on London Stock Exchange (LSE). “In the first half of 2019, the average vacancy rate of shopping malls in Kyiv is 5.5%, and in our shopping malls, Kyiv inclusive, this rate is several times less. Going into the second half of the year, Arricano has recorded the lowest vacancy rates since 2012. I believe this is a result of the systematic work, innovative approaches and competent management in recent times,” said Arricano CEO Mykhailo Merkulov.
In particular, for the first half of 2019, Sun Gallery (Kryvyi Rih) and City Mall (Zaporizhzhia) recorded a 100% occupancy, whilst the RayON and Prospekt shopping malls (both located in Kyiv), recorded vacancy rate of 0.08% and 0.17% respectively.
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.
Arricano Real Estate Plc (Cyprus), the managing company and developer of some shopping and entertainment centers in Ukraine, has decided to postponed settlement of liabilities in the amount of $47.1 million to Retail Real Estate OÜ (RRE, Estonia), Barleypark Limited and one of its main constructors for the end of 2019.
According to a company report on the London Stock Exchange (LSE), the company has received written representations from Retail Real Estate OU and its affiliated company Bytenem Co Limited that lead the board to believe that the group will not be required to settle in 2019 outstanding accrued interest and other accounts payable in the amount of $21.360 million plus further interest accruing during the year ending December 31, 2019.
Arricano has received a letter from Barleypark Limited waiving its right to claim early repayment of the loan or any part thereof, including, but not limited to all or any part of the interest accrued, amounting in aggregate to $22.004 million until after 31 December 2019.
The group has also received a comfort letter from one of its main constructors, stating that it will not claim payment of invoices amounting to $3.772 until after December 31, 2019.
