11:34 09.01.2020

Arricano halts negotiations to sell Sun Gallery in Kryvy Rih, City Mall in Zaporizhia with Dragon Capital

2 min read
Arricano halts negotiations to sell Sun Gallery in Kryvy Rih, City Mall in Zaporizhia with Dragon Capital

Arricano Real Estate Plc (Cyprus), the managing company and developer of some shopping centers in Ukraine, has halted negotiations on the sale of shopping and entertainment centers (SECs) Sun Gallery in Kryvy Rih and City Mall in Zaporizhia and suspended preliminary agreements on the sale of these centers signed with Dragon Capital Investments Limited (DCI, Cyprus)

"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," the company said in a report on the London Stock Exchange (LSE) on Wednesday.

CEO of Arricano Ganna Chubotina said that implementation of the refined strategies for these two centers 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," she said.

As reported, in August 2019, Arricano Real Estate Plc announced its plans to sell Sun Gallery in Kryvy Rih and City Mall in Zaporizhia. The company entered into non-binding heads of terms with DCI and other companies.

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