BELGRADE (Serbia), December 1 (SeeNews) – British company Hystead Limited, majority-owned by South African real estate investment company (REIT) Hyprop Investments, has completed the sale of Delta City Mall in Belgrade, the capital of the Serbia, Hyprop announced on Wednesday. .
“The assignment is now complete and the cash proceeds from the assignment received. The net proceeds from the assignment will be used to reduce debt,” Hyprop said in a statement.
In September, Hyprop said Hystead had reached an agreement to sell its indirect stake in Serbian company Delta City 67, which owns Delta City Mall, to Balkans Real Estate BV, a wholly-owned subsidiary of Dutch company Centurion Venture Capital, for 115 million euros ($ 130 million). The purchase price includes a senior bank debt of 71 million euros which is guaranteed by the building and an equity debt of 44 million euros.
Hystead acquired Delta City Mall from Serbian company Delta Holding for € 127.8 million in February 2016.
As of June 30, the weighted average monthly rent per square meter of the building was 29 euros and the gross leasable area was 29,767 m². Delta City 67’s net operating income for the fiscal year ended December 31, 2020 is € 8 million.
($ = 0.88454 euro)