AIM-listed Argo Real Estate Opportunity Fund has secured a E75m (£59.3m) loan for a shopping centre development in Ukraine.

It has secured a loan facility with Marfin Laiki Bank and with equity from its fund it will be able to start construction of its proposed 1.2m sq ft Riviera Shopping City retail scheme in Odessa, Ukraine.

The first phase will be anchored by Real Hypermarket and Obi-DIY as well as an IMAX multiplex cinema.

The scheme will open in stages during the course of 2009.

Robert Provine, Argo’s investment manager, said: ‘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.'