AIM-Listed Argo Real Estate has refinanced a loan with Europe’s Alpha Bank in a deal which it said will allow it to progress further developments.

The UK based company said today that it had refinanced the existing facility of €33.5m (£27.5m) to €50m (£40.3m) following the completion and opening of its 538,000 sq ft Suceava Shopping City, Romania earlier this year.

The loan, from Alpha Bank will be used to secure the groups capital structure when working on future developments.

Magnus Lofgren, fund manager at Argo said: ‘With this being our third financing closed over the past three months, these recent financing amount to approximately €158m of capital’