AREOF secures €75-million loan facility for Ukrainian development (UA)

Argo Real Estate Opportunity Fund Limited ("AREOF" or "the Fund") announces that it has secured a €75-million loan facility with Marfin Laiki Bank.

The loan, in conjunction with AREOF equity, will be used for the construction of the first phase of the 110,000-m² Riviera Shopping City retail shopping center in Odessa, Ukraine. The Real Hypermarket and Obi-DIY anchored scheme will be opened in stages during the course of 2009 and features a number of leading international fashion retailers together with Odessa's only IMAX multiplex cinema.

Commenting on the financing, for the Fund's Investment Manager, Robert Provine said: "We are delighted to have secured this

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