Dragon Capital completes exit from developer Arricano

MOSCOW. July 22 (Interfax) - Dragon Capital, a Ukrainian private equity and financial services group, has completed the divestment of its stake in Cyprus-based Arricano Real Estate Plc, the management company and developer of a number of shopping and entertainment centers in Ukraine.

This was the result of a recent agreement in which Arricano Real Estate bought back its shares from Dragon Capital, Ukrainian media reported, citing the latter's press service. Now both companies can focus on their independent strategic goals and further development, Dragon Capital said.

The companies reached the agreement in March 2024 with a view to Arricano Real Estate acquiring a new U.S. investor.

Arricano Real Estate specializes in building shopping and entertainment centers and owns five malls in Ukraine with combined area of 147,600 square meters. The company is building another mall in Kiev called Lukianivka, and owns land parcels for future construction of three other properties that are at the design stage.

Arricano Real Estate said in its report for the first half of 2022 that its largest shareholders at the time were Estonian Rauno Teder, who increased his stake to 70.86% from 15.92% after his father Hillar Teder transferred his stake to him. Other shareholders mentioned were Dragon Capital Investments Limited and Juri Pold.