May 18 (SeeNews) - Property developer Plaza Centers has agreed to sell a development site at the entrance to Belgrade’s old town for 15.9 million euro ($18 million) to an undisclosed buyer.
The sale price of the so-called MUP project, which is at the location of the former building of the Ministry of Internal Affairs (MUP), is above its last reported book value of 13.5 million euro, Plaza Centers said in a statement late on Tuesday.
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The deal is subject to certain technical conditions that are expected to
be met in the coming weeks.
Plaza will also be entitled to an additional pending payment of 600,000 euro, once the purchaser successfully develops at least 69,000 sq m above ground.
The potential development is projected to comprise a significant mixed-use scheme, including residential units, retail, offices, a hotel and underground parking facilities.
"The MUP site has significant potential to become a major destination in Belgrade, but as a mixed-use development it sits outside of our core focus on shopping and entertainment centres," Dori Keren Acting CEO at Plaza Centers, said in the statement.
($=0.8824 euro)