Arricano Real Estate

What Arricano Real Estate does

Arricano Real Estate Ltd is a Cyprus-incorporated network operator of shopping and entertainment centers in Ukraine, currently operating four owned properties — Prospekt and RayON in Kyiv, City Mall in Zaporizhzhia, and Sun Gallery in Kryvyi Rih — plus a 49.9% stake in Sky Mall, and holding land for three additional development sites. The company manages more than 147,000 square meters of leasable space and serves 600+ tenants across fashion retail, electronics, F&B, entertainment, and anchor grocery, attracting over 23 million visitors in 2023. Its operating platform is built on a unified system of quality standards that standardizes tenant mix optimization, marketing programs, and customer experience across all properties, supplemented by community engagement initiatives (cultural events, charity drives, sports and educational partnerships) that the company explicitly leverages to differentiate against competing malls.

The company's revenue is generated primarily through negotiated multi-year leases with tenants, supplemented by service charges, common area maintenance fees, and in-mall marketing/promotional activities; pricing is not publicly tiered and is set per-tenant based on location, foot traffic, and lease term. Arricano was listed on the AIM Market of the London Stock Exchange from 2013 until its delisting on January 17, 2023, and is currently privately held following a March 2024 share buyback from Dragon Capital intended to introduce a new American investor. The company is led by CEO Anna Chubotina, who participates in regional industry platforms (CEEQA, RAU Expo) and maintains a Kyiv-based managing company office alongside its Limassol registered office. Operating conditions are characterized by wartime Ukraine and a June 2025 sanctions action imposed by the Ukrainian President against the company and its Estonian investors, which Arricano has publicly disputed as unfounded.

Name

Arricano Real Estate

Legal name

Arricano Real Estate Ltd

Website

https://arricano.com

Company type

Private

Founded year

2013

Operating status

Operating

Headcount range

51–100 employees

Short description

Arricano Real Estate is a Cyprus-incorporated network operator of four Ukrainian shopping centers plus a 49.9% stake in Sky Mall, leasing 147,000+ sqm to 600+ retail, F&B, and entertainment tenants across Kyiv, Zaporizhzhia, and Kryvyi Rih.

Ownership category

akta.pro rank

Headquarters

HQ city

Kyiv

HQ country

Ukraine

HQ region

Europe

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Infrastructure, Marketing or Sales, Others

Revenue model

1. Retail Space Rental & Mall Operations: Arricano generates primary revenue from renting retail space to tenants across its shopping centers (Prospekt, City Mall, Sun Gallery, RayON) and the 49.9%-owned Sky Mall. The company also derives ancillary income from service charges, common area maintenance fees, and marketing/promotional activities within its malls.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels5 records

Core offering

Arricano Real Estate owns and operates four shopping and entertainment centers in Ukraine (Prospekt and RayON in Kyiv, City Mall in Zaporizhzhia, Sun Gallery in Kryvyi Rih) with over 147,000 sqm of leasable space, plus a 49.9% shareholding in Sky Mall in Kyiv. The company leases retail space to international and Ukrainian retail brands under individually negotiated, multi-year contracts, and provides unified operational standards, tenant mix optimization, and community-focused marketing across all properties. Ancillary income is generated from service charges, common area maintenance fees, and in-mall marketing activities.

Product overview

Arricano Real Estate is a network operator of shopping and entertainment centres (SEC) in Ukraine with a unified system of quality standards. The company owns and operates four complete shopping centres: Prospekt (Kyiv), City Mall (Zaporizhzhia), Sun Gallery (Kryvyi Rih), and RayON (Kyiv), plus a 49.9% stake in Sky Mall. The portfolio also includes land for three additional sites under development. The company operates as a unified platform with consistent management standards, tenant mix optimization, and community engagement initiatives across all properties.

Differentiator

Problem solved

Functional benefit

Products and services

• Prospekt Shopping and Entertainment Complex (ТРК «Проспект») Shopping and entertainment complex located on the left bank of Kyiv, opened in 2014, with a diverse tenant mix including anchor stores, fashion retailers, electronics, and entertainment options. Targeted at international and Ukrainian retail brands and the consumers of Kyiv's left bank.
• CITY MALL Shopping and Entertainment Complex (ТРК CITY MALL) Shopping and entertainment complex located in Zaporizhzhia, featuring anchor tenants, fashion brands, electronics, and food court, with a focus on serving frontline cities. Targeted at retail brands and consumers in Zaporizhzhia.
• Sun Gallery Shopping and Entertainment Complex (ТРК «Сонячна Галерея») Shopping and entertainment complex in Kryvyi Rih, one of the first professional shopping centers in Ukraine with approximately 38,000 sq.m. of retail space. Targeted at retail brands and consumers in Kryvyi Rih.
• RayON Shopping and Entertainment Centre (ТРЦ «РайON») Shopping and entertainment centre located in the Desnyanskyi district of Kyiv (Troyeschyna), known for zero vacancy rates and community-focused initiatives. Targeted at retail brands and residents of Kyiv's left-bank residential districts.
• Sky Mall Shopping and Entertainment Complex (ТРК «Sky Mall») Shopping and entertainment centre in Kyiv in which Arricano holds a 49.9% shareholding stake. Targeted at retail brands and consumers of Kyiv and surrounding areas.

Named customers9 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Six partnerships are on record, tiered minor.

• FST Dynamo of UkraineminorStrategic or Co-development Partner · 18 February 2025Arricano signed a Memorandum of Cooperation with the Physical Culture and Sports Society 'Dynamo' of Ukraine in February 2025. The document provides for expanded cooperation and strengthening of multifaceted relations between the parties to create favorable conditions for the development of physical culture.
• DonorUAminorStrategic or Co-development Partner · 1 March 2024Arricano partnered with DonorUA for its third blood donation campaign at Prospekt mall, supporting Ukraine's blood donation efforts.
• KNU named after Taras Shevchenko (Kyiv National University)minorStrategic or Co-development Partner · 7 February 2024Arricano signed a Memorandum of Cooperation with KNU named after Taras Shevchenko for coordination of efforts in science, creative and educational development of the community, and implementation of the company's CSR strategy. Students and faculty participated in a green space project at RayON mall.
• National University of Physical Education and Sports of UkraineminorStrategic or Co-development Partner · 1 February 2024Arricano signed a memorandum of cooperation with the National University of Physical Education and Sports of Ukraine in February 2024 to support sports development and community initiatives.
• National University Zaporizhzka PolitehnikaminorStrategic or Co-development Partner · 1 February 2024Arricano signed a memorandum of cooperation with National University 'Zaporizhzka Politehnika' in February 2024 to support educational and community development programs.
• Mariupol State UniversityminorStrategic or Co-development Partner · 1 June 2023Arricano signed a partnership agreement with Mariupol State University to support educational development and economic growth through effective cooperation between universities and business.

Scale indicators6 records

Recent moves8 records

Expansion highlights5 records

Broad incumbents

• Klépierre: Pan-European retail REIT owning and operating ~70 shopping centers across continental Europe. Comparable to Arricano as a network operator applying consistent asset management standards, though serving different geographies and operating at much greater scale.
• Hammerson: UK and European retail REIT operating premium shopping destinations and designer outlets. Comparable as a publicly listed retail property operator focused on destination malls with curated tenant mixes, though operating exclusively in stable Western European markets.
• ECE Projekt Management: Germany-based European leader in shopping center development, leasing, and management. Comparable as an institutional operator of multi-format retail properties with standardized quality systems, but at much larger scale and operating only in stable Western/Central European markets.
• Unibail-Rodamco-Westfield: Global premier shopping destination operator with flagship malls in Europe and the US. Comparable as a large-scale retail real estate platform pursuing premium tenant mix and community positioning; relevant benchmark for Arricano's longer-term institutional trajectory.

Direct peers

• KAN Development: Ukrainian real estate developer behind Respublika Park mall in Kyiv and other large mixed-use projects. Directly comparable to Arricano as a Ukrainian mall developer competing for international tenants, prime land positions, and post-war reconstruction capital.
• Building Development Ukraine: Developer of Bukovyna Mall in Chernivtsi, which won the CEEQA 2026 Best retail & leisure project award. Direct peer in Ukrainian retail real estate development, sharing the same tenant brands, leasing dynamics, and war-time operating challenges as Arricano.
• Nhood (formerly Ceetrus): European retail property operator with Ukrainian arm (Nhood Ukraine) active in the same CEEQA competitive set as Arricano. Direct peer operating similar mixed-use retail destinations and competing for the same anchor tenant relationships across CEE markets.
• Dragon Capital: Major Ukrainian investment and real estate group that previously held shares in Arricano (bought back in March 2024) and operates Piramida mall in Kyiv with a renewal project. Comparable as a Ukrainian mall investor/operator competing for the same tenant roster and capital pool.
• Multi Corporation: European retail real estate developer/manager with pan-European mall portfolio. Comparable to Arricano as a multi-asset retail center operator applying standardized management systems across multiple locations, though operating at materially larger scale in Western Europe.

Others

• Colliers Ukraine: International commercial real estate services firm active in Ukrainian retail advisory, tenant representation, and capital markets. Comparable as an ecosystem participant in the same Ukrainian retail property market, providing leasing, valuation, and investment advisory services to Arricano's peer set.

Market position

Strengths5 records

Weaknesses4 records

Competitive moat4 records

Customer concentration

• Facebookfacebook.com/ArricanoGroup/?fref=ts

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Arricano Real Estate