29 Dec 2014 07:00
29 December 2014
Arricano Real Estate plc
("Arricano" or the "Company")
ERBD Loan Facility
Further to the announcement on 23 December 2014, Arricano (AIM:ARO), a leading retail real estate developer and operator in Ukraine, announces that the terms of a six year US$25 million secured loan facility with the European Bank for Reconstruction and Development (the "EBRD") have been agreed (the "Loan").
The proceeds of the Loan, the commercial terms of which are broadly in line with those of the Company's existing loan with the EBRD, will be utilised mainly to finance construction payables for Arricano's new Shopping and Entertainment Centre ("SEC") Prospect which is located in Kyiv, Ukraine and to repay US$10 million of an existing loan with PJSC "State Savings Bank of Ukraine" (Oschadbank). The SEC Prospect opened as scheduled in September 2014 and was officially opened on 6 December 2014.
For further information please contact:
Arricano Real Estate plc | Tel: +380 44 569 6708 |
Mikhailo Merkulov, CEO | |
Nominated Adviser and Joint Broker | |
Smith & Williamson Corporate Finance Limited | Tel: +44 (0)20 7131 4000 |
Azhic Basirov | |
Joint Broker | |
Whitman Howard Limited | Tel: +44 (0)20 7087 4555 |
Ranald McGregor-Smith | |
Financial PR | |
Novella | Tel: +44 (0)20 3151 7008 |
Tim Robertson / Ben Heath |