08 January 2020
Arricano Real Estate Plc
("Arricano" or the "Company")
Update on Potential Disposal
On 31 July 2019, Arricano had announced that it had entered into negotiations to sell (the "Sale") two of its shopping and entertainment centres ("SECs"), Sun Gallery (located in Kryvyi Rih, Ukraine) and City Mall (located in Zaporizhzhia, Ukraine). It had also announced that it had entered into non-binding heads of terms with, inter alia, Dragon Capital Investments Limited ("DCI") in relation to such Sale.
Arricano's strategy is to optimise the operation of each property within its portfolio of Kyiv and regional shopping and entertainment centres.
The management team of Arricano has developed upgraded strategies for the Sun Gallery and City Mall SECs, which it believes will increase their value and efficiency. As a result, the negotiations with DCI concerning the Sale are no longer proceeding.
Ganna Chubotina, CEO of Arricano, commented:
"We believe that implementation of the refined strategies for these two centres located outside Kyiv is a good opportunity to achieve an increase in their value. With the cancellation of the disposal to DCI, we now look forward to achieving this uplift for the benefit of all of our shareholders."
Arricano Real Estate plc Tel: +38 044 594 9471
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