Argo Real Estate Opportunities Fund’s net asset value fell to ?0.233 per share at the end of September – down from ?1.083 a year ago.

It said the fall reflected the significant deterioration in the global economic and financial environment and its impact on the fund’s property assets.

The adjusted NAV per share at the 30 September year-end was ?0.264 (2008: ?1.226). Highlights during the year included:

* The 30,000 sqm Phase 3 extension to the 47,000 sqm European Retail Park Sibiu, Romania, which was completed in November 2008 with an achieved net rental yield of over 8%.

* The 83,000 sqm Phase 1 of the Riviera Shopping City in Odessa – the fund’s first hypermarket-anchored retail park and shopping centre in Ukraine – which was successfully completed and opened in October.

As part of this development the standalone Obi DIY Store was first completed in December 2008 and commenced trading at the end of February 2009.

The firm said that during the year the bank facility supporting the European Retail Park, Sibiu Phase 3 was successfully refinanced and, in addition, it completed an agreed ?68m investment facility underpinning the successful completion and opening of the Riviera Shopping City, Odessa development.

Dow Chemical’s full year net income rose to $676m – up from $654m last time.The firm posts a strong fourth quarter with net income of $172m compared with…

An arbitration court ruling in favour of Ablon Group’s wholly-owned subsidiary, Global Center LLC, has been upheld by the Budapest Municipal Court’s econ…

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Read the article on IBTimes United Kingdom

Argo Real Estate NAV falls

Argo Real Estate Opportunities Fund’s net asset value fell to ?0.233 per share at the end of September – down from ?1.083 a year ago.

It said the fall reflected the significant deterioration in the global economic and financial environment and its impact on the fund’s property assets.

The adjusted NAV per share at the 30 September year-end was ?0.264 (2008: ?1.226). Highlights during the year included:

* The 30,000 sqm Phase 3 extension to the 47,000 sqm European Retail Park Sibiu, Romania, which was completed in November 2008 with an achieved net rental yield of over 8%.

* The 83,000 sqm Phase 1 of the Riviera Shopping City in Odessa – the fund’s first hypermarket-anchored retail park and shopping centre in Ukraine – which was successfully completed and opened in October.

As part of this development the standalone Obi DIY Store was first completed in December 2008 and commenced trading at the end of February 2009.

The firm said that during the year the bank facility supporting the European Retail Park, Sibiu Phase 3 was successfully refinanced and, in addition, it completed an agreed ?68m investment facility underpinning the successful completion and opening of the Riviera Shopping City, Odessa development.

Dow Chemical’s full year net income rose to $676m – up from $654m last time.The firm posts a strong fourth quarter with net income of $172m compared with…

An arbitration court ruling in favour of Ablon Group’s wholly-owned subsidiary, Global Center LLC, has been upheld by the Budapest Municipal Court’s econ…

Desire Petroleum says two drilling slots using the ‘Ocean Guardian’ rig have been assigned to Rockhopper Exploration for the exploration programme in th…

Read the article on IBTimes United Kingdom

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