TIDMABL

RNS Number : 8898J

Ablon Group Limited

06 July 2011

 
 FOR IMMEDIATE RELEASE   6 July 2011

ABLON GROUP LIMITED

("Ablon" or the "Company")

START OF OFFICE CONSTRUCTION PROJECT IN WARSAW

Ablon Group Limited, a leading real estate owner and developer in Central Europe, today announces that its wholly-owned subsidiary, Mor Eden Investment Sp. z o.o., has signed a construction financing contract and will commence the construction of the Karolkowa Business Park in Warsaw ("KBP").

The A-class KBP office complex will include 14,900 m2 of office space, 3,400 m2 of retail space on the ground floor and 260 underground car parking spaces. KBP is located within a business park adjoining Warsaw's Central Business District and is easily accessible by public and private transportation links, including a new metro station. Construction will commence in the near future and completion is expected in the next 20 months.

The financing is provided by Investkredit Bank AG, a member of the Volksbank Group, principally in the form of a EUR 24.09 million senior loan. The Volksbank Group is a 24.53% shareholder in the Company. The directors of the Company consider the terms of the construction financing contract to be fair and reasonable insofar as the Company's shareholders are concerned.

Uri Heller, Founder and Chief Executive Officer of Ablon, commented: "We are delighted to start our first construction project in Warsaw and are confident that this new development will add substantial value to our portfolio. Warsaw is one of Central Europe's most dynamic real estate markets. There is strong demand in the city centre for newly built, quality office and retail space, which is what Ablon Group is renowned for.

We continue to look at other opportunities in our land bank in the office, residential, logistics and retail segments that will enable Ablon Group to deliver further growth and generate increasing value for our shareholders."

For further information, please contact:

 
 Ablon Group Limited                          Tel. +36 1 225 6600 
  Kristof Skwarek 
-------------------------------------------  --------------------- 
 Religare Capital Markets                     Tel. +44 (0)20 7444 
  James Pinner / Derek Crowhurst (Financial    0800 
  Adviser)                                     Tel. +44 (0)20 7444 
  Daniel Briggs (Corporate Broker)             0500 
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 Buchanan Communications (Financial PR)       Tel. +44 (0)20 7466 
  Tim Thompson / Richard Darby / Gabriella     5000 
  Clinkard 
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NOTES TO EDITORS

About Ablon Group Limited

Founded in 1993 in Budapest (Hungary), Ablon and its subsidiaries (together the "Ablon Group") has properties at 34 locations, of which there are 15 completed projects, 1 project shortly to enter the construction phase and 23 development projects in Budapest, Prague, Bucharest, Warsaw and Gdansk. Its portfolio comprises a diversified mix of office, residential, retail, logistics and hotel developments valued at EUR574 million by external independent appraisers (GVA and King Sturge), as at 31 December 2010. The Ablon Group had, as at 31 December 2010, 201,150 square metres of existing and income generating office, residential, hotel, retail and logistics assets (at 15 locations) in Budapest and Prague, with a significant development land bank comprising a further 1,234,800 square metres (at 24 locations) in Budapest, Prague, Bucharest, Warsaw and Gdansk. Ablon's shares are traded on the Main Market of the London Stock Exchange under the ticker 'ABL'.

This information is provided by RNS

The company news service from the London Stock Exchange

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