September 30 (SeeNews) - Slovenian food company Zito, a unit of Croatian food and drug producer Podravka [ZSE:PODR], signed a deal to sell a real estate asset in Ljubljana to Slovenian asset management company Boscarol, Podravka said on Friday.
The transaction is in line with Podravka's business strategy including Zito's restructuring and sale of its non-operating properties, Podravka said in a statement.
You can subscribe to our M&A newsletter here
It did not disclose the value of the deal.
“One of the objectives of the strategy is to increase the efficiency of the Zito Group by putting stronger focus on the bakery segment in order to successfully transform the company in line with market trends,” Podravka said in a statement.
The property asset has a total area of 95,505 square metres.
Podravka's shares traded 0.73% higher at 554 kuna ($72/74 euro) intraday on Friday on the Zagreb bourse.
(1 euro = 7.526 Croatian kuna)