TIDMABL
Ablon Group Limited ("Ablon" or "the Company"), a leading real estate owner and developer in Central and Eastern Europe, announces that the Company will complete the Hotel development at its Europeum project in March 2010, and the complex will open as a Marriott operated hotel shortly after.
In December 2007, Ablon signed a 30-year management contract with Marriott to operate the hotel complex. The mixed-use Europeum development includes a four-star hotel which will have 235 rooms, 5,500 square metres of retail space and 229 parking spaces. The total cost of the project is estimated to be EUR40 million.
It was indicated in Ablon's interim results for the period ended June 30, 2009, that a revaluation of a loan Ablon took in relation to the Europeum project, which has a 71% LTV covenant, is not required until one year after its maturity. Ablon would like to clarify this by stating that the revaluation relating to this loan may take place upon the lender's request in March 2010, two years from the time it was first drawn down.
For further information, please contact:
Ablon Group Limited KBC Peel Hunt Ltd
Daniel Avidan, CFO (Nominated Adviser and Broker)
Tel. +36 1 225 6600 Capel Irwin / Alex Vaughan / Daniel Harris
Tel. +44 (0)20 7418 8900
ING Wholesale Banking Shared Value Limited
(Joint Corporate Broker) Nicolas Duperrier / Mark Walter
Nathalie Bachich de Recina / Tel. +44 (0)20 7321 5010
Julie Wakkie ablon@sharedvalue.net
Tel. +44 (0)20 7767 8362
NOTES TO EDITORS
About Ablon Group
Founded in 1993 in Budapest (Hungary), Ablon Group has properties at 33 locations, of which there are 14 completed projects and 19 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 EUR594 million by King Sturge, an independent valuation firm, as at 31 December 2008. Ablon has, to date, approximately 166,290 square metres of existing and income generating office and retail assets (at 13 locations) in Budapest and Prague, with a significant development land bank comprising a further 1,296,450 square metres (at 25 locations) in Budapest, Prague, Bucharest, Warsaw and Gdansk. Ablon's shares are traded on the AIM market of the London Stock Exchange under the ticker 'ABL'.