Arricano Real Estate to invest $80m in Ukraine shopping centre

Shares in Arricano Real Estate jumped almost 9% early on Wednesday, after the shopping centre developer confirmed plans to invest $80m in a new project in Odessa, in southern Ukraine.

In a statement released on Wednesday, the London-listed company said the Odessa Mall, which is expected to be completed by the end of 2018, will become the seventh shopping centre it has built in the eastern European country.

"The Odessa Mall is an important and necessary project for development of the City of Odessa creating significant new employment and attracting leading brands to the city,” said group chief executive Mykhailo Merkulov.

“It will be constructed according to the highest international standards and we believe it will become Odessa's leading destination for shopping and entertainment.”

Arricano shares were up 8.70% to 1.25p at 1051 BST on Wednesday.