Arricano Real Estate PLC Loan Facility (6372A)

TIDMARO

RNS Number : 6372A

Arricano Real Estate PLC

23 December 2014

Arricano Real Estate plc

("Arricano" or the "Company")

EBRD Loan Facility

Arricano (AIM:ARO), a leading retail real estate developer and operator in Ukraine, announces that it is considering the terms of a proposed loan of approximately US$25 million from the European Bank for Reconstruction and Development (the "EBRD") (the "Proposed Loan"). This announcement is published in conjunction with a press release published today by the EBRD which confirms that they are in negotiations with Arricano regarding the Proposed Loan.

The proceeds of the Proposed Loan would, if agreed, be deployed by the Company to repay US$10 million of an existing loan with PJSC "State Savings Bank of Ukraine" (Oschadbank) and to finance the completion and operation of Arricano's new Shopping and Entertainment Centre ("SEC"), Prospect, which is located in Kyiv, Ukraine. The SEC Prospect opened as scheduled in September 2014 and was officially opened on 6 December 2014.

It is anticipated that the Proposed Loan arrangements will be finalised and agreed by both the EBRD and Company shortly, at which time a further announcement will be made by Arricano.

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

This information is provided by RNS

The company news service from the London Stock Exchange

END

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