Improvement in Vacancy Rates and Tenant Base
February 08 2017 - 9:43AM
UK Regulatory
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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: +380 44 569 6708
Nominated Adviser and Joint Broker
*Smith & Williamson Corporate Finance Limited*
Azhic Basirov Tel: +44 (0)20 7131 4000
Joint Broker
*Whitman Howard Limited*
Ranald McGregor-Smith Tel: +44 (0)20 7659 1234
Financial PR
*Novella*
Tim Robertson/Toby Andrews Tel: +44(0)20 3151 7008
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)
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