Hillar Teder may list his Ukraine property developer in London
01.10.2012, 12:50Arricano Trading that is controlled by Hillar Teder and develops five shopping centres in Ukraine may be listed in London already this year, writes Äripäev.
Teder who was last week nominated Estonia’s richest businessmen by Äripäev with assets of 350 million euros said that things have developed to the point where an IPO could take place already this year.
Arricano that was founded by Teder is developing two shopping centres in Kyiv and three in other towns in Ukraine.
Out of five shopping centres, four are completed and one in Kyiev is being completed. Arrocano owns also Kyiv’s largest shopping centre with 113,000 square metres of floor space that was opened in 2010. Pristan, also known as Sky Mall, is being developed with the local investor. The general contractor is Eurocon, subsidiary of Estonian construction group Nordecon.
The company has said that its objective is to open one new shopping centre every year and increase its annual rent income to 78 million euros by 2015. At present its rent income is about half of that.
Two years ago Teder listed his Russian retail chain O’Key in London. At present Teder owns about 85% of O’Key.
Arricano Trading has invested 23 million euros in developing shopping centres in Ukraine. Its second shareholder Dragon Ukrainian Properties & Development is listed in London and owns 16.7% of Arricano.