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.
