Improvement in Vacancy Rates and Tenant Base

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 Arricano Real Estate Plc (ARO) 
Improvement in Vacancy Rates and Tenant Base 
 
08-Feb-2017 / 14:42 GMT/BST 
Dissemination of a Regulatory Announcement, transmitted by EQS Group. 
The issuer is solely responsible for the content of this announcement. 
 
8 February 2017 
 
*Arricano Real Estate plc* 
('Arricano' or the 'Company' or, together with its subsidiaries, the 
'Group') 
 
*Improvement in Vacancy Rates and Tenant Base* 
 
Arricano (AIM:ARO), a leading real estate developer and shopping mall 
operator in Ukraine, is pleased to announce, a significant improvement in 
vacancy rates in 2016 across its portfolio of five shopping centres which 
together comprise 147,800 m2 of gross leasable area. 
 
+---------------------+-------------------+--------------------+ 
|                     |*31 Dec 2015       |*31 Dec 2016 Vacancy| 
|                     |Vacancy Rate*      |Rate*               | 
+---------------------+-------------------+--------------------+ 
|City Mall Shopping   |0.00%              |*0.00%*             | 
|Center (Zaporizhzhia)|                   |                    | 
+---------------------+-------------------+--------------------+ 
|Sun Gallery Shopping |2.32%              |*0.18%*             | 
|Mall (Kryvyi Rih)    |                   |                    | 
+---------------------+-------------------+--------------------+ 
|Prospect Shopping    |7.00%              |*2.42%*             | 
|Mall (Kyiv)          |                   |                    | 
+---------------------+-------------------+--------------------+ 
|South Gallery        |4.91%              |*3.86%*             | 
|Shopping Mall        |                   |                    | 
|(Simferopol)         |                   |                    | 
+---------------------+-------------------+--------------------+ 
|RayON Shopping Mall  |3.53%              |*1.35%*             | 
|(Kyiv)               |                   |                    | 
+---------------------+-------------------+--------------------+ 
 
As at 31 December 2016, occupancy improved to 98.3% versus 96.2% on 31 
December 2015. A good performance in a challenging economic period during 
which the Company added 179 new tenants leasing 23,404 m2 of retail space. 
The portfolio now has a tenant base of 750 up by 12% (31 December 2015: 670 
tenants). 
 
Of particular note is the improvement in occupancy at the Prospect Shopping 
Mall, a highly creditable achievement given that this site was only 
completed in September 2014 and is now 97.6% let. The Company's success has 
been built upon developing strong and long-term tenant relationships 
together with focusing on creating a positive experience for consumers when 
they visit an Arricano shopping centre and providing a service led approach 
to supporting its tenant base. 
 
Mikhail Merkulov, CEO of Arricano, commented: 'This letting performance 
reflects well on the Company and proves the strength of our lettings team 
and their ability to work with tenants and deliver improved turnover and 
rental income. Our strategy is not to drive short-term performance but to 
create long-term tenant relationships and focus on creating value 
partnerships with our tenants, in turn making our shopping centres 
welcoming, interesting and innovative places which bring people together to 
shop and socialise.' 
 
For further information please contact: 
 
*Arricano Real Estate plc* 
Mykhailo Merkulov Tel: [phone] 
 
Nominated Adviser and Joint Broker 
 
*Smith & Williamson Corporate Finance Limited* 
Azhic Basirov Tel: [phone] 
 
Joint Broker 
 
*Whitman Howard Limited* 
Ranald McGregor-Smith Tel: [phone] 
 
Financial PR 
 
*Novella* 
Tim Robertson/Toby Andrews Tel: [phone] 
 
Language:      English 
ISIN:          CY0102941610 
Category Code: MSCU 
TIDM:          ARO 
LEI Code:      213800F8AMPULEKXFX22 
Sequence No.:  3834 
 
End of Announcement EQS News Service 
 
542969 08-Feb-2017 
 
 

(END) Dow Jones Newswires

February 08, 2017 09:43 ET (14:43 GMT)