LONDON (Alliance News) - Ukrainian real-estate developer Arricano Real Estate PLC Friday said it has officially opened the second phase of the SEC South Gallery shopping and entertainment centre in Simferopol in Crimea, a region that is now being hit by political unrest.
"Given the political unrest in Ukraine, we have been monitoring the effect on our shopping centres and developments, particularly in Kyiv. We will inform the market if this situation will have a material impact on the business," the company's acting Chief Executive Yarema Kovaliv said in a statement.
Armed men took control of two airports in Crimea on Friday, including the airport in the region's capital Simferopol, Interfax-Ukraine news agency reported, with Ukraine's new interior minister calling it an "invasion" by Russian troops. Russia denied the accusations, as fears of widening unrest in Crimea intensified.
A group of armed men seized the airport of Simferopol. About 50 of them in military uniform arrived in three trucks without licence plates, surrounding the domestic terminal before occupying other parts of the airport, Interfax said.
The deterioration in Crimea comes after Russia-friendly President Viktor Yanukovych was deposed over the weekend after months of protests following his decision to reject closer ties with the European Union in favour of staying close to Russia.
The first 13,100 square metre phase of the SEC South Gallery development opened in December 2009, and phase two has extended it to 32,800 square metres.
The extended South Gallery has 120 tenants, of which 90 opened Thursday, 1,200 workplaces, an Auchan hypermarket, the first of its kind in Crimea, and the largest entertainment centre for children in Crimea.
Arricano is the developer and manager of the South Gallery.
Its shares last traded at USD2.55 in London.
By Steve McGrath; stevemcgrath@alliancenews.com; @SteveMcGrath1
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