International Law Firm Salans acted as legal advisor in Ukraine to Argo Real Estate Opportunity Fund Limited (AREOF) (the Borrower), in relation to a EUR 75 million loan facility from Marfin Laiki Bank. The loan is intended to be used by the borrower for the construction of the first phase of the 110,000 sq. m Riviera Shopping City retail shopping centre in Odessa, Ukraine. The Real Hypermarket and Obi-DIY anchored scheme will be opened in stages during the course of 2009 and features a number of leading international fashion retailers together with Odessa’s only IMAX multiplex cinema.

Commenting on the financing, for the Fund’s Investment Manager, Robert Provine said: “We are delighted to have secured this €75 million facility with Marfin Laiki Bank to support the construction of the Fund’s Riviera Shopping City project in Odessa 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.”

Argo Real Estate Opportunities Fund Limited is a Guernsey based closed-ended investment company, investing in the commercial property markets of Central and Eastern Europe. The Company is listed on the London Stock Exchange’s AIM market and is managed by Argo Capital Management Property Limited with offices in London, Bucharest and Kiev. The Fund’s ticker is AREO.

Salans’ lawyers: Myron Rabij, Natalia Selyakova, Olesya Zhmak and Yuriy Blazhevich (in Kyiv) and Gary Maguire (in London) acted as legal advisors to Argo Real Estate opportunity Fund Limited with regard to the loan agreement with Marfin Laiki Bank.

Salans has over 35 lawyers in Kyiv, assisting domestic and cross-border clients with their corporate, M&A, banking, tax and competition needs across a range of sectors including real estate, financial services, energy and natural resources as well as capital markets. With 37% growth in revenues globally for the 2007 financial year, Salans now has 176 partners worldwide as part of over 750 lawyers globally operating from 19 offices. Salans has been active in Ukraine since 1988, and officially opened an office in Kyiv in 1992.

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Salans is an international commercial law firm built on a pioneering spirit with over 750 lawyers globally operating from 19 offices in ALMATY, BAKU, BARCELONA, BERLIN1, BRATISLAVA, BUCHAREST, BUDAPEST, FRANKFURT1, ISTANBUL, KYIV, LONDON, MADRID, MOSCOW, NEW YORK, PARIS, PRAGUE, SHANGHAI, ST. PETERSBURG and WARSAW. We have operations in the Middle East, with cooperative associations in place as well as Salans personnel based in Doha, Qatar. Our global reach extends to Atyrau, Kazakhstan as well as New Caledonia and Tahiti. Our combination of international capability and domestic expertise enables us to provide comprehensive services matching the needs of global and local clients alike. More information about Salans can be found at www.salans.com

Salans is ranked among the top 50 law firms in the world by PLC Which Lawyer?. In 2007 Salans was shortlisted to win “The International Law Firm of the Year” from The Lawyer. Salans is ranked as a top tier law firm in Ukraine and globally by the leading international legal directory Chambers Global.

1 Salans LLP is a Limited Liability Partnership registered in London with Registration Number OC 316822. Registered Office Millennium Bridge House, 2 Lambeth Hill, London EC4V 4AJ, United Kingdom. Regulated by the Solicitors’ Regulation Authority. A list of members of SALANS is available at the above Registered Office.