PODGORICA (Montenegro), December 6 (SeeNews) - UK-based Hystead Limited, majority owned by South African real estate investment trust (REIT) Hyprop Investments, expects to complete the sale of Delta City Mall Podgorica in Montenegro in the first quarter of 2022, it said on Monday.
"The sale agreement is currently under negotiation, and we are confident that the transaction will be implemented during the first quarter of the 2022 calendar year," Hystead said in a filing with the Johanesburg Stock Exchange.
Hystead received a non-binding offer to sell its entire shareholding in the entity that owns Delta City Mall Podgorica, based on a gross property value of 95 million euro ($107 million).
On December 1, Hystead said it completed the sale of Delta City Mall in Serbia's capital Belgrade to Balkans Real Estate BV, a wholly-owned subsidiary of Dutch-based Centurion Venture Capital, and has received the 115 million euro in cash proceeds from the disposal of the asset.
Hystead acquired both Delta City Mall Belgrade and Delta City Mall Podgorica from Serbia's Delta Holding for 127.8 million euro in February 2016.
($ = 0.88559 euro)
YOU CAN SUBSCRIBE TO OUR M&A NEWSLETTER HERE