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Dragon Capital sells stake in one of leading developers of shopping centers in Ukraine

by Kateryna Hodunova July 19, 2024 11:31 PM 2 min read

Tomas Fiala, the Dragon Capital investment group. (Dragon Capital / Facebook)

This audio is created with AI assistance

The Dragon Capital investment group announced on July 19 that it has withdrawn from the shareholding of Arricano Real Estate PLC, which manages one of the biggest shopping malls in Ukraine.

"This final step is the result of a recent transaction under which Arricano Real Estate PLC bought back its shares from Dragon Capital," the investment group's statement read.

"From now on, both companies will be able to focus on their independent strategic goals and further development."

Arricano Real Estate PLC owns Kyiv shopping malls RayON, Prospekt, and Sky Mall, as well as the City Mall in Zaporizhzhia and the Sun Gallery in Kryvyi Rih.

In March 2014, the South Gallery shopping center, built by Arricano, was opened in Simferopol. Despite the Russian annexation of Crimea, the shopping center continued to operate.

Estonian businessman Hillar Teder, then-majority auctioneer of Arricano, tried to hide his business in the Russian-occupied Crimea, according to an investigation by Radio Free Europe/Radio Liberty (RFE/RL), published in October 2021.

At the end of 2023, the National Security and Defense Council imposed sanctions against Voyage-Crimea LLC, the contractor for the South Gallery shopping center.

Following the imposition of sanctions, Tomas Fiala, CEO of Dragon Capital, denied that Arricano was operating on the occupied peninsula.

A small minority stake of 12.5% does not allow him to influence decision-making in Arricano, Fiala added. Fiala also said he was ready to leave Arricano even on unfavorable terms.

In March 2024, Arricano Real Estate PLC and Dragon Capital reached an agreement under which Arricano would buy back its shares from Dragon Capital.

Dragon Capital is Ukraine's largest investment company whose portfolio includes Ukrainska Pravda, one of the country's leading newspapers.

In May 2024, the investment group came under undue pressure from the Bureau of Economic Security (BEB) over the activities of one of its key assets.

The bureau issued a statement in response, calling Dragon Capital's accusations "manipulation."

Author: Kateryna Hodunova

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