LONDON (Alliance News) - Arricano Real Estate PLC Thursday said it remain on course to open its Prospect Shopping and Entertainment Centre in Kiev, Ukraine in the fourth quarter.
The commercial property company said the development is generating interest from new tenants who "perhaps have been considering, or were partially committed, to other retail developments that have been slowed or halted." Arricano said it believes the site will be on the only shopping and entertainment centre opening in Kiev this year.
The company said it is actively marketing Prospect to these potential tenants and is closely working with secured tenants on fit-out of retail units.
Overall, Arricano said there was a small increase in the number of visitors to its three Ukraine-based shopping and entertainment centres in the first six months of the year despite a more challenging market following the political upheaval this year.
Ukraine is in crisis after Russia moved to assert control over the Crimea in the wake of the ousting of former Ukraine president and Moscow ally Viktor Yanukovych. The country has a fledgling new leadership struggling to assert control over the eastern part of the country on the border with Russia.
However, Arricano said its shopping and entertainment centre in Crimea is attracting interest from a range of Russian retailers as Russian companies look to expand their retail networks into the region.
Arricano Real Estate shares were quoted down 14.8% at USD2.13 Thursday morning.
By Anthony Tshibangu; anthonytshibangu@alliancenews.com; @AnthonyAllNews
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