Ukraine’s Arricano looks to growth after war

Ukraine property group Arricano has said it is “determined” to emerge from the current crisis and “continue to grow”. The London-listed developer and owner of 1.5m sq ft of shopping centres in Ukraine posted positive results for 2021 this morning. It gives a snapshot of how well the business was faring immediately prior to the Russian invasion in February. The portfolio had increased in value from $275m to $323m (£265m), while revenue increased by 15% from $32.3m to $37.2m. Net profit was up by 88% to £37.9m. The update said: “The war in Ukraine has created significant uncertainty and distress. Nevertheless, all of Arricano’s shopping malls have remained open and continue to trade, albeit at reduced volumes.” Arricano chief executive Ganna Chubotina said: “We are living in extraordinary times, and I am immensely proud of our teams across the business who continue to work so hard despite recent tragic events. It is their tenacity which gives us all confidence that we will get through the wartime together, operating our malls, supporting the economy of our country, supporting our tenants and the team, providing close to normal services for our visitors. We cannot forecast the outcome or the impact of the current war in Ukraine but we believe we will get through all challenges and emerge in a position to move forward rapidly again.” She added: “The strong operational performance delivered in 2021 and proactive leasing strategy meant that the company was close to achieving pre-Covid tenant sales and visitor numbers continued to rise. Looking ahead, we are determined to manage the business through the current crisis and emerge again with the ability to continue to grow.”   To send feedback, e-mail piers.wehner@eg.co.uk or tweet @PiersWehner or @EGPropertyNews