LONDON (Alliance News) - Ukraine-focused shopping centres developer Arricano Real Estate said on Wednesday it has confirmed its plans to invest around USD80.0 million in the construction of a new shopping and entertainment centre in Odessa in southern Ukraine.
The company said the Odessa Mall will be the seventh shopping and entertainment centre it has built in the country. Preparatory work on the project started in 2013, and the plan for the project was submitted to local authorities in August.
Arricano is targeting completion of the project by the end of 2018.
"The Odessa Mall is an important and necessary project for development of the City of Odessa creating significant new employment and attracting leading brands to the city. It will be constructed according to the highest international standards and we believe it will become Odessa's leading destination for shopping and entertainment," said Arricano Chief Executive Mykhailo Merkulov.
Shares in Arricano were untraded on Wednesday, having last traded at 1.25 pence.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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