Argo fund launches Ukraine's Riviera Shopping City

Argo Real Estate Opportunities Fund has announced the opening of the DIY OBI store at the Riviera Shopping City in Odessa, Ukraine. The 14,000 m² shop of the German retailer OBI is the first international DIY store in Odessa, Argo said. OBI has a total of 525 stores throughout Europe.

The launch of the OBI store marks the opening of phase one of the Riviera Shopping City which will be followed by a further 70,000 m² this summer with Real Hypermarket and Imax Multiplex Cinema scheduled to open in August 2009. In total, Riviera Shopping City will cover 84,000 m² and is Odessa's first internationally anchor-tenanted destination shopping centre. Odessa is located on the Black Sea in South West Ukraine and serves as one of the major trade centres and tourist destinations for Ukraine and the former CIS region.

The company recently signed leases with Zara, Pull and Bear, Bershka and Stradivarius, fashion brands belonging to the Inditex Group.

Robert Provine, Fund Manager said: 'We are delighted with the successful launch of phase one of the Riviera Shopping City. Good progress is being made on the next 70,000 m² and we are on track to open in the summer. Riviera Shopping City is ideally located in a thriving city which is densely populated and attracts domestic and international tourists.'

Argo Real Estate Opportunities Fund is a Guernsey based closed-ended investment company, investing in the commercial property markets of Central and Eastern Europe. The company is listed on the London Stock Exchange's AIM market and the management team is led by Robert Provine and Magnus Lofgren from offices in London, Bucharest and Kiev.