AREO Argo Real Est.

TIDMAREO

RNS Number : 8367E

Argo Real Estate Opportunities Fd

16 May 2013

16 May 2013

Argo Real Estate Opportunities Fund Limited

("AREOF" or "the Company")

Statement Re: Sibiu Shopping City ("SSC") Loan Facility Event of Default

On 3 April 2013, AREOF announced that it had failed to make a EUR1m payment due under the terms of the EUR26.7m loan from a syndicate of banks led by KBC Bank. The SSC retail park consists of two projects - Sibiu 1 and Sibiu 2. Each project is supported by a debt facility from a syndicate of banks led by KBC Bank. The default on the EUR26.7m loan that supports Sibiu 2 came about because of a cash flow shortage at Sibiu 2 after the project gave a loan to Sibiu 1 thereby enabling the completion of an asset management initiative to physically connect the two projects.

The Company is pleased to announce that following an injection of loan capital into Sibiu 2, the outstanding EUR1m payment has been met in full and the default remedied.

Enquiries:

 
 Argo Real Estate Opportunities Fund Limited 
  David Clark, Chairman                         +44 (0)1481 231100 
 
 finnCap Limited (Nominated Adviser) 
  Matthew Robinson 
  Henrik Persson                                +44 (0) 207 220 0500 
 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

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