LONDON (Alliance News) - Arricano Real Estate PLC Monday said that a claim has been lodged with the commercial court in Kiev contesting the leasehold rights it has for the Petrovka development project, but it is confident that the claim is without foundation.
In a statement, the AIM-listed Ukraine property developer said the claim contests the leasehold rights of its Mezokred Holding LLC project development company, which holds the leasehold title to the land plot underlying the Petrovka development.
"Arricano is confident this claim is without foundation or merit and its right as to lease and to develop the land plot of Petrovka is legally demonstrable," it said in a statement.
The company is planning to build office towers on the site, which is about 11 kilometres from Kiev city centre.
Arricano shares last traded at USD2.5 a share in London.
By Steve McGrath; stevemcgrath@alliancenews.com; @SteveMcGrath1
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