Sale of Serdika

RNS Number : 2881C

Equest Investments Balkans Ltd

10 November 2009

 



EQUEST INVESTMENTS BALKANS LIMITED

("EIB" or the "Company") 

Sale of Serdika

The Board of EIB today announces that EIB has entered into an agreement for the sale of its minority interest in Serdika, a development site in the centre of Sofia which it owns jointly with Equest Balkan Properties PLC ("EBP"), to Agriway Holdings Limited. The total consideration payable in relation to the development amounts to Euro 9.175 million in cash. Of the total consideration, Euro 1.835 million is attributable to EIB's share and its net proceeds are expected to be received on 11 November 2009.

It is expected that, following receipt of its share of the proceeds of Serdika, EBP will repay a loan of Euro 5.4 million owed by EBP to EIB. 

The majority of the proceeds of the sale and the loan repayment will be used by EIB to reduce debt obligations of the EIB Group.

-ENDS-

Enquiries:

Equest Investments Balkans Limited	Ian Schmiegelow (Chairman)	Tel: + 44 20 7630 3350
Financial Dynamics	Ed Gascoigne-Pees Nick Henderson	Tel: + 44 20 7269 7132
Collins Stewart Europe Limited (Nomad)	Hugh Field	Tel: [phone]
KBC Peel Hunt Limited  (Broker)	Capel Irwin	Tel: + 44 20 7418 8900

 

END

 

 

DISFFSFLSSUSEDF