BELGRADE (Serbia), February 26 (SeeNews) – Israeli company BIG Shopping Centers has signed an agreement to acquire the Aviv Park Zrenjanin shopping mall in Serbia, it said.
BIG Shopping Centres has signed an agreement to acquire the entire share capital of a Serbian company which holds full ownership rights of a shopping mall and adjacent land with additional building rights of up to 24,000 sq m in Zrenjanin, a city in the autonomous Serbian province of Vojvodina, it said in a filing with the Tel Aviv Stock Exchange last week.
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The consideration for the entire shares of the Serbian company was set at 24.95 million euro ($27.2 million) minus a 12.6 million euro loan extended to the shopping centre, the owner of Aviv Park Zrenjanin, Israeli real estate company Aviv Arlon, said in a separate bourse filing.
At the time of signing the agreement, CEE BIG BV, in which BIG Shopping Centres holds a 78% stake, transferred an advance of 2.35 million euro to a trust account to secure the transaction and in May 2021 it will pay 1.25 million euro for the adjacent land, BIG Shopping Centres said.
The shopping mall, with a gross leasable area (GLA) of 23,360 sq m, has a loan of approximately 12.5 million euro carrying an annual interest rate of 3.6%, which will remain after the purchase, BIG Shopping Centres added.
Aviv Arlon launched the Aviv Park Zrenjanin shopping mall in 2015 and the list of its tenants includes brands C&A, Takko, H&M, NewYorker, DM and Deichmann.
($ = 0.91804 euro)