ABL Ablon

TIDMABL

RNS Number : 5025Y

Ablon Group Limited

01 March 2012

1 March 2012

ABLON GROUP LIMITED

("Ablon" or the "Company")

Update on the office construction project in Warsaw

The Company announces that it has withdrawn from the construction financing contract in relation to the Karolkowa Business Park in Warsaw that was signed on 6 July 2011 with Investkredit Bank AG, a member of the Volksbank Group which is a 24.31% shareholder of the Company ("Contract").

The financing was principally in the form of a EUR 24.09 million senior loan.

The Company withdrew from the Contract due to Investkredit Bank AG being in breach of its contractual obligations.

The Company is currently seeking alternative loan financing to enable the continuation of the construction of the Karolkowa Business Park and will update shareholders as and when appropriate.

Uri Heller, CEO, stated; "We remain optimistic about the viability of the Karolkowa project and are confident of securing alternative financing."

For further information, please contact:

Ablon Group Limited

 Kristof Skwarek                                               Tel. +36 1 225 6600 

Religare Capital Markets (Financial Adviser)

   Emily Staples                                                   Tel. +44 (0)20 7444 0800 
   Newgate Threadneedle   (Financial PR) 
   Graham Herring                                                Tel. +44 (0) 20 7653 9858 
   Terry Garrett                                                    Tel. +44 (0) 20 7653 9845 

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, one project in 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

END

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