Arricano group of companies with the participation of Prizma Alfa subsidiary has raised a $15 million seven-year loan from Raiffeisen Bank Aval, reads a press release of the group.
According to the report, the loan was taken using the City Mall in Zaporizhia as collateral. The credit rate is not disclosed.
The funds will be sent to refinance current credit liabilities and realization of investment projects of the Arricano Group.
"Taking into account the low activity in the real estate area in Ukraine, banks and financial institutions are interested in borrowers who have a positive balance and with an investment portfolio that brings stable profits," reads a report, citing Arricano Director General Emil Budilovsky.
Arricano Group CFO Maksym Honcharuk said that the project that was realized in Zaporizhia showed positive results, which allowed the funds to be raised under good conditions.
"Raiffeisen Bank Aval is interested in the Ukrainian market and continues providing long-term financing in the real estate sector. We're ready to finance projects with a clear concept, professional management and a business model closely approached to the realistic situation even in the hard times as in Kyiv and other countries," reads the report, citing Raiffeisen Bank Aval board member, Artur Iliyav.
Arricano Group manages and owns four shopping centers across Ukraine (M26 - RayON in Kyiv, Sun Gallery in Kryvy Rih, City Mall in Zaporizhia and Inter mall in Simferopol, Crimea).
The key shareholders in the group are Retail Real Estate SA (Luxemburg) and Dragon Ukrainian Properties and Development Plc (DUPD, the Isle of Man).
Raiffeisen Bank Aval was founded in 1992. According to the National Bank of Ukraine, on April 1, 2013 in terms of total assets (UAH 45.977 billion) the bank ranked fourth among the 175 banks operating in the country.
