Arricano Real Estate Plc (Cyprus), a managing company and the developer of a number of trade and entertainment centers in Ukraine, and Retail Real Estate OÜ (RRE, Estonia) have agreed to defer the payment of a $22.3 million debt to Bytenem Co Limited (Cyprus) until June 30, 2020.

Arricano said in a report on the website of the London Stock Exchange (LSE), in May 2014 the company agreed with Bytenem Co Limited on raising a loan of $13.1 million, and in July of the same year an additional loan of $3 million at a rate of 12% per annum.

In September 2016 this credit line with a maturity date on June 30, 2017 was extended to $18 million and transferred to RRE.

According to the report, now the principal amount of the debt of Arricano and RRE to Bytenem is $16.1 million, while accrued interest comes to $6.2 million. The postponement of repayment on the loan until June 30, 2020 does not provide for any other changes in the terms of the loan agreement.

Arricano Real Estate specializes in construction of trade and entertainment centers. It is one of the leading real estate developers in Ukraine.