About Arricano

Corporate strategy

The strategy of Arricano is to build upon its current position as a leading developer and operator of European-style shopping and entertainment centres in the Ukrainian commercial property market.

To enable this, Arricano is focused on achieving the following corporate objectives:

  • To increase the size of the portfolio to 9 shopping complexes over the next 4 years;
  • To continue to pursue high standards in corporate governance and business transparency practices;
  • To have input in the external regulatory and political factors that would facilitate the effective and profitable operation of the Company;
  • To promote the social and corporate responsibility of the Company;
  • To further develop new long-term relationships with clients, partners, financial institutions and public authorities;
  • To maintain high quality service levels across Arricano’s properties in order to strengthen the existing relationships and form new strategic partnerships with leading Ukrainian and international retailers;
  • To offer a comfortable, premium quality, European-standard shopping experience to Ukrainian consumers;
  • To become an industry leader in all areas of operation:
    • the best service model in tenant relations;
    • the best shopping offering in the SEC catchment areas;
    • the best marketing communications and PR;
    • the most efficient management of SEC’s;
    • the most innovative Information Technology systems and practices;
    • the most motivated and professional personnel;
    • the most effective internal business processes
      • By working towards these objectives increase the value and strength of the Company.

Corporate history


In 2021, Arricano adopted a new ESG Policy in corporate social activities. Priority areas include educational projects and cooperation with segmented communities of shopping malls in Kyiv, Zaporizhzhia and Kryvyi Rih. 

Consequently, during the year, the company implemented 10 key initiatives for teachers, schoolchildren, and teenagers, held a crowdfunding collection of clothes, and actively cooperated with charitable foundations, NGOs, and educational organizations. 

At the same time, Arricano, together with other leading players in the retail and development market, organized vaccination points in shopping malls. Thanks to this, thousands of Ukrainians have joined collective immunization in comfortable conditions. 

In the strategy of activity of shopping malls, Arricano continues the concept of development of the facilities as comfortable social spaces, adding a new brand attribute of the shopping mall's socioecosystem. And also studies the life cycles of the shopping mall in order to stay on trend and respond to consumer requests in the service, tenant mix, entertainment, emotional component and other options, while maintaining the level of target traffic. 

The main awards of the year and market recognition are BusinesssHero of the business market according to the European Business Association about a significant CSR position. Arricano social projects are among the top 25 Best CSR programs in Ukraine according to the business publication "Vlast deneg". Arricano also consistently ranks high in the rating of the top 5 reputation activists in the development market according to business experts of the project "Reputation ACTIVists". 


The company's mission in 2020 are smart business solutions and formation of a safe social space of the shopping mall in accordance with the new conditions caused by Covid-19. Also throughout the year, Arricano promoted socialization as the main anthropological human need.

The company won first place in the National rating of corporate reputation management quality "Reputation ACTIVists" in the development market. The expert jury evaluated its reputational stability, media activity, innovative approach to communications, CSR image capital and crisis resilience. 

Two regional shopping malls of Arricano - Sun Gallery and City Mall – received the National Award of Ukraine "Consumer Choice – 2019" in the category "Best Shopping Mall in the city". In addition, City Mall was recognized as the best shopping mall in Ukraine in regional centers outside million cities according to the RAU Awards 2020. As for the capital city, the RayON shopping mall is among the top 5 medium-sized shopping malls in the million cities. This is evidenced by the rating information from the All-Ukrainian magazine "Novoe Vremya" and the Retailers Association of Ukraine. 

In 2020, Arricano strengthened its socio-cultural component. Thus, with the support of the company, a 3D model of St. Sophia Cathedral was created. A special feature of the project is that the structures are marked with relief tactile plaques in Braille. Therefore, people with visual impairments will be able to feel its architectural features and read motivational messages.

At Prospekt shopping mall, the Arricano team has implemented the cultural and communication project "ArtFashion: from the 20s to the 20s", which explores the history of fashion over the past 100 years. Retail partners of the shopping mall joined the exhibition, and models from their latest collections looked organically next to paintings and photographs of the last century. The project received a number of positive reviews from influencers of the retail market, and also got into the top 25 Ukrainian effective marketing campaigns according to the magazine "Vlast Deneg". 

During 2020, Arricano conducted an information campaign on respiratory etiquette and social distance in its shopping malls. The company not only shared messages on its media sites, but also held several educational events with the participation of health care professionals.   


In 2019, the company implemented and strengthened the Consumer - Retailer - Landlord ecosystem, in which trust, mutual respect and partnership enhance the development, improvement of interaction and increase of business parameters.
This year, the company has the highest occupancy rates of the malls since 2012 - 99.9%.
Four Arricano shopping malls - “Prospekt” (Kyiv), “RayON” (Kyiv), “City Mall” (Zaporizhzhia), “Sun Gallery” (Kryvyi Rih) demonstrate high quality traffic.
The company demonstrates the improvement of its financial parameters: in the first half of 2019, the total revenue has grown by 17% to $ 17.3 million; the profit has increased by 53% to $9.8 million; the company's total portfolio has grown by $ 22.8 million to $ 281.3 million.
In 2019, Arricano has attracted $40 million of loans for the development of the company and the portfolio of its facilities, as well as for refinancing, having entered into four loan agreements to the amount of $5.15 million, $4.0 million, $12.0 million and $19.0 million with the largest financial institutions and banks: JSC “State Savings Bank of Ukraine”, JSC “TASCOMBANK” and JSC “Raiffeisen Bank Aval”.

Arricano Real Estate Plc wins in the nomination “Management Company of the Year. Commercial Real Estate” – “Property management firm of the year. Shopping” according to the version of “V Europe Real Estate & Awards 2019”, organized by the Ukrainian Real Estate Club.

The facilities of the company were recognized by experts and consumers: two regional shopping malls of Arricano company – “Sun Gallery” (Kryvyi Rih) and “City Mall” (Zaporizhzhia) won the VII National Award of Ukraine in the field of retail trade Retail Awards “Consumer Choice-2018”; “City Mall” has become the winner in the nomination “The Best Medium Shopping Mall” in the Retail & Development Business Awards - 2019.

The company was included into the TOP-100 Rating of 500 Largest Companies in Ukraine, where the companies from all the sectors of the economy influencing the development of their markets were represented; it has occupied the 1st position in the category “Real Estate for Rent”, the 46th position among the TOP-100 Companies by profit and the 303rd position among the TOP-500 companies by volume of income.

Arricano supports Industry Development: For the second year in a row, Top Managers of the company share their expertise in the pre-MBA Property Management School profile project initiated by the Ukrainian Real Estate Club Business Association with the assistance of MIM Business School.


The company has proclaimed Year 2018 to be a Phygital Year of corporate strategy, by strengthening synergy of offline shopping and high-quality targeted online communications. This strategy was based on works and projects aimed at improving customer experience in shopping malls, innovative ideas and implemented information technologies.

Arricano’s team actively participated in profile conferences in Ukraine and abroad, including ICSC European Conference, shared experience and implemented the best business practices.

Arricano’s own media project Retail Consultant on Arricano Live YouTube channel has got more than 100,000 views related to legal, marketing, commercial and other aspects of cooperation with the company.

Arricano has won three of the twelve nominations of Shopping Centers Awards - 2018, organized by Ukrainian Real Estate Club, Europa Property and CEE Retail Awards. Arricano is “The Best Managing Company”, “The Best Shopping Mall. The choice of retail” and “The best marketing of a shopping mall”.

The company supports the concept of business integrity of the All-Ukrainian Network of Integrity and Compliance of UNIC, considering that B2B, B2C and B2G trends lead to Business 2 Government trend on the level of “honest business stories” that will create a guaranteed sustainable economic platform for Ukraine in order to attract international investors.


The company has declared 2017 as the year of customer experience. For Arricano team, it is very important not only to develop the facilities on a high-quality level, to cooperate with the best partners, improving the tenant mix, but also to work on improving the services' quality at all levels: in the store, cafe, restaurant, and at all points of the services provided by the shopping mall. Arricano continues the B2B Upgrade by Arricano program, launched in 2016, a series of educational projects for employees of the company's tenants. The results of regular marketing research conducted by the company indicate the need for the development of a project to train staff and the importance of using other tools to improve customer experience.

Arricano company is an active participant in business events in Ukraine and abroad, whose main goal is to improve the investment climate in the country and the reputation of «Ukraine» brand. The CEO and top management of the company openly advocate that transparent business conditions become the standard, and protection of foreign and local investments was a priority for the government of Ukraine.

The CSR initiative of Arricano within the Business 2 Students (B2S) project, launched in 2016, was supported by tenants, and in March 2017 the company has launched the third wave of the project, according to the results of which the KNUTE students are able to undergo internships in companies of leading retailers in Ukraine, and also in media companies developing the retail and development sector.


2016 was a service year for Arricano. The importance of the service business model for the company is determined not only by new projects aimed at improving services in all areas of the company, but also at the implementation of the new Corporate Social Responsibility (CSR) initiatives. So, in 2016 Arricano launched a corporate social responsibility project B2S (Business to Students) by Arricano, in which top managers share practical knowledge and experience with students. Maintaining the value of the service business model, Arricano also initiated a CSR project for tenants - a course of lectures and practical training for the staff of the tenants of all shopping centers by the best trainers and practitioners.

In April Arricano published the results of the company for 2015. With a significant drop in the overall market, the decline in revenue in dollar equivalent amounted to only 10% in the reporting currency. The growth of operating profit amounted to 80%.

The company continues to fight for its illegally deprived asset - Sky Mall shopping center. On May 5, 2016 the London Court of International Arbitration has adopted a decision in the arbitration between Arricano Real Estate Plc and Stockman Interhold S.A. in respect of the ownership of shares of Assofit Holdings Limited, the holding company, which previously wholly owned Sky Mall shopping center, located in Kyiv, Ukraine. According to this decision, all the shares of Assofit Holdings Limited, which were previously owned by Stockman Interhold S.A., should be transferred to the ownership of Arricano Real Estate Plc. not later than June 5, 2016 for $ 0.


Arricano is strengthening its competitive position in the commercial property market: despite the economic downturn and decline in household income, Arricano’s shopping centres demonstrate stable retail footfall and increased interest from potential tenants. Thus, in the course of 2015 over 150 new lease agreements have been signed. As of 31 October 2015, the Gross Leasable Area of the 5 shopping centres under Arricano’s management reached 147,800 sqm.

The ambitious construction of the Lukianivka Mall (provisional title) in Kyiv is well underway. Lukianivka Mall will become the first shopping and entertainment complex in Ukraine to incorporate two local architectural heritage sites; namely the Lukianivka depot of the city railway and the power plant which serves it. To restore these architectural monuments to its original state, Arricano will make use of the best industry practice in the field of building restoration and the functional integration of heritage sites into the shopping complex.

The Odessa Mall project (provisional title) has also gained new momentum. In 2015 the Odessa Public Prosecution office retracted its claim to declare the previous court ruling on approval of the detailed site plan by the Odessa municipal authorities illegal. The site plan had been developed and financed by Arricano, and the project was supported by the local authorities and the Head of Odessa regional administration.

The Prospekt shopping and entertainment complex emerged as the winner of the State Architecture and Building Inspectorate competition in August 2015, having been declared the best communal venue of the year. It has also been listed in the “Project of the Year” category by two international organisations: Chartered Institution of Building Services Engineers (CIBSE, London) and EEA Forum and Project Awards in Kyiv.

Two Arricano properties topped the 2015 Kiev shopping centres rankings compiled by the Ukrainian Retail Association. In the “Traditional medium sized shopping and entertainment centre” category the top two positions were taken by Prospekt (Kiev) and RayON (Kiev) respectively.


In September Arricano opens the Prospekt SEC in Kyiv with a Gross Lettable Area (GLA) of 30,400 sqm.

The GLA of the 6 implemented projects by Arricano exceeds 211,000 sqm.


On 12 September 2013 Arricano Real Estate plc launched its IPO (Initial Public Offering) on the Alternative Investment Markets (AIM) of the London Stock Exchange. Arricano raised USD 24 mln and purchased an equivalent of USD 66 mln of property assets in exchange for issued shares. The market capitalisation of the Company at the point of IPO was approximately USD 241 mln. This was the first public offering of shares of a Ukrainian real estate developer after the 2008-2009 crisis, and the first IPO of a Ukrainian entity in 2013.

Arricano received 4 lines of credit from Ukrainian and international banks for the total sum of around USD 100 mln, distributed as follows: a loan of USD 25 mln for the period of 5 years from one of the largest Russian banks in June 2013, a loan of USD 15 mln for the period of 7 years from Raiffeisen Bank Aval (Kyiv) in August 2013, a loan of USD 30 mln from the Ukrainian Oschadbank for the construction of Prospekt SEC, payable over 7 years in October 2013 and a USD 28.8 mln corporate loan from the UBS bank in 2013.


Arricano puts into operation RayON, its second shopping and entertainment complex in Kyiv with the GLA of 24,350 sqm.


Arricano expands its project portfolio by completing the construction of City Mall, a new commercial property project in Zaporizhzhya with a GLA of 21,450 sqm.


Arricano puts into operation the second part of Sky Mall, one of the largest shopping complexes of the Ukrainian capital. Sky Mall’s Gross Building Area (“GBA”) amounts to 90,500 sqm., while its GLA nears 68,000 sqm.


The commencement of operation of subsidiaries of Retail Real Estate S.A. (Luxembourg), presently a majority shareholder of Arricano, on the Ukrainian market.

Arricano opens the Sun Gallery, a shopping and entertainment complex in Kriviy Rih with the GLA of 35,600 sqm.

Arricano signed a credit agreement with the EBRD in Ukraine for the amount of USD 139,307 mln.

The 100% owned subsidiaries of Retail Real Estate S.A. are merged into a single company, Arricano, created for the construction and operation of shopping centres in Ukraine.


Opening of the first line of Sky Mall shopping complex in Kyiv.

Received a USD 13 mln loan from Ukrsibbank for the continued development of City Mall shopping and entertainment complex in Zaporizhzhia.


The commencement of operation of subsidiaries of Retail Real Estate S.A. (Luxembourg), presently a majority shareholder of Arricano, on the Ukrainian commercial property market.

Key facts

  • Arricano is the leading developer and network operator of high-quality Shopping and Entertainment Centres (SECs) in Ukraine.
  • From 2013 until January 17, 2023, the company's shares were listed on the Alternative Investment Market (AIM) of the London Stock Exchange. Today, the Arricano company owns and manages the built shopping centers and owns a 49.9% stake in the Sky Mall shopping center, as well as the company owns land plots for the further construction of three facilities that are at the design stage.
  • The Company has the biggest portfolio of completed shopping malls in Ukraine: the total GLA of Arricano’s 4 malls lease area is more than 180,000 sq.m.
  • There are more than 500 tenants across the SECs owned and operated by Arricano.
  • The Company can use internal resources and also long-standing, secure relationships with principal financial institutions when seeking funding for developing its projects.
  • The Company develops its SECs according to the European business standards. Financial statements are submitted according to the IFRS standards.
  • The Company is managed by the high-profile team of European and Ukrainian managers having several years’ experience of operating in the commercial real estate sector.

Arricano owns the following SECs:

  • City Mall, Zaporizhzhia
  • Sky Mall (minority interest), Kyiv
  • RayON, Kyiv
  • Prospekt, Kyiv
  • Sun Gallery, Krivyyi Rih.



RayON Shopping and Entertainment Centre (SEC) is the only European-style shopping and entertainment centre in the Troeschina residential district. Given the densely populated catchment area and thanks to its convenient location, proximity to key transport hubs, efficient tenant mix and high-quality entertainment events, RayON has become the focal point of shopping and cultural life in Troeschina.

Sun Gallery

Sun Gallery Shopping and Entertainment Complex has been the prime shopping and leisure venue in the city of Kriviy Rih for the past 7 years. Being the only shopping centre of its kind in the city, Sun Gallery exclusively hosts the most popular retailers as well as an Auchan food hypermarket.


Opened at the end of 2014, Prospekt Shopping and Entertainment Complex is one of the largest shopping and entertainment venues on the left bank of the city of Kiev. The stylish interior, quality anchor tenants and well-balanced tenant mix combine to offer an enjoyable shopping and leisure experience to all visitors.

Sky Mall

Shopping entertainment centre “Sky Mall” is located in the left bank of Kyiv, in the Desnyansky administrative district, closely to the important transport connection – Moskovsky Avenue. Due to the convenient roundabout built especially for this mall the visitors can easily access “Sky Mall” both by car and by public transport.

City Mall

City Mall is the most dynamic and most frequented shopping and entertainment complex in Zaporizhzhia. Visitors can enjoy a great variety of goods and services and a range of diverse entertainment events, promotions and family show programmes for all age groups.

Official information

Arricano Real Estate Plc was incorporated on 31 January 2008 as a company limited by shares under the name Arricano Trading Limited. On 12 September 2012 the name was changed to Arricano Real Estate Plc.

The registration number assigned by the Department of Companies and Official Receiver of Ministry of Energy, Commerce, Industry and Tourism to Arricano Real Estate Plc is HE 221186.

The registered address of Arricano Real Estate Plc is at: Thessalonikis, NICOLAOU PENTADROMOS CENTER, Flat/Office 1002, 10th floor, 3025 Limassol, Cyprus.

The VAT number: CY 10221186H

Corporate documents