Guernsey-based closed-ended investment company Argo Real Estate has secured a EUR 75 mln loan facility with Marfin Laiki Bank. The loan, in conjunction with the firm's equity, will be used for the construction of the first phase of the 110,000 m[sup]2[/sup] Riviera Shopping City shopping mall in Odessa, Ukraine. The Real Hypermarket and Obi-DIY-anchored scheme will be opened in stages during the course of 2009 .
Guernsey-based closed-ended investment company Argo Real Estate has secured a EUR 75 mln loan facility with Marfin Laiki Bank. The loan, in conjunction with the firm's equity, will be used for the construction of the first phase of the 110,000 m2 Riviera Shopping City shopping mall in Odessa, Ukraine. The Real Hypermarket and Obi-DIY-anchored scheme will be opened in stages during the course of 2009 .
'In a market environment where access to debt has been significantly reduced, this new facility reflects well on the strength of our property portfolio and the market's confidence in our ability to add significant further value,' said investment manager Robert Provine.
Argo Real Estate invests in the commercial property markets of Central and Eastern Europe. The company is listed on London Stock Exchange's AIM market and is managed by Argo Capital Management Property.
