Argo Real Estate Opportunities Fd Statement re Sibiu Loan Facility Event of Default (4928B)

TIDMAREO

RNS Number : 4928B

Argo Real Estate Opportunities Fd

03 April 2013

3 April 2013

Argo Real Estate Opportunities Fund Limited

("AREOF" or "the Company")

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

The Board wishes to announce that AREOF has failed to make a EUR1m payment due under the terms of the EUR26.7m loan ("the Facility") from a syndicate of banks led by KBC Bank ("the Syndicate"). The default has come about because of a cash flow shortage at the Sibiu Shopping City retail park which is financed by the Facility. The Company will now enter into negotiations with the Syndicate aimed at restructuring the Facility.

This default may activate cross default clauses in certain of the AREOF group's other credit agreements. The Board is confident that if cross default clauses are activated they will be waived by those lenders affected.

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

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