Israel's BIG agrees to buy Serbian shopping centre

The asset will be acquired at a price of 32.5 million euro ($35.6 million), minus a 14.5 million euro bank loan extended to the shopping centre, BIG Shopping Centers said in a filing with the Tel Aviv Stock Exchange on Wednesday.

The name of the shopping centre was not revealed.

The shopping center has 23,333 sq m of Gross Leasing Area (GLA), icluding a 2,313 sq m building under construction, scheduled to open before the completion of the deal, BIG Shopping Centers said.

The price of the deal includes a 4 million euro instalment, subject to completion of an occupancy target for the new building. If the target is not reached within a year after the deal's completion, the amount will not be paid to the seller. 

In June, BIG Shopping Centers signed an agreement to acquire a majority stake in Fashion Park Outlet Indjija in Serbia from Belgrade-based Fashion Company. 

($ = 0.9142 euro)