Argo fund secures Proton loan

Argo Real Estate Opportunities Fund has secured a new loan facility from Proton Bank.

The fund has agreed a €29.3m (£23.6m) loan, which will mature on 31 December 2016. As part of the agreement, Argo Real Estate will pay €2.1m of overdue interest to Proton Bank.

Last December, Argo Real Estate confirmed it had defaulted on its €25m loan facility and an associated €0.9m loan from Proton.