Argo Real Estate Opportunities Fund, a closed-end fund focused on the CEE region, said on Monday that it has received a EUR 50 mln refinancing facility from Greece's second largest lender Alpha Bank. The company said it will use the proceeds of the financing to improve the group's capital structure and provide additional capital for current development projects.
Argo Real Estate Opportunities Fund, a closed-end fund focused on the CEE region, said on Monday that it has received a EUR 50 mln refinancing facility from Greece's second largest lender Alpha Bank. The company said it will use the proceeds of the financing to improve the group's capital structure and provide additional capital for current development projects.
The closure of the refinancing deal follows the opening in April this year of Argo's 50,000 m2 Suceava Shopping City retail park in Romania. The mall is over 99% let to retailers such as Carrefour Hypermarket, Baumax, Media Galaxy and Mobexpert.
Magnus Lofgren, fund manager, said: 'With this being our third financing closed over the past three months, it caps a highly productive summer period for the group. In total, these recent financings amount to approximately EUR 158 mln of capital, an excellent achievement given the difficult debt market, which we believe is a reflection of the quality of our projects implemented to date.'
