S IMMO AG: Successful sale of Serdika Center & Offices
S IMMO AG today has entered into contracts regarding the sale of its participation (65%) in the shopping center Serdika Center and the sale of its office building Serdika Offices to New Europe Property Investments plc (NEPI). The Serdika Center combines more than 200 shops in a total usable area of roughly 47,000 m², the Serdika Offices have got a usable area of about 28,500 m². In terms of space, the sold properties make up about 8% of S IMMO’s real estate portfolio. The transaction is subject to the approval of the Bulgarian competition authority and is expected to close within the next months.
With this sale, S IMMO is withdrawing from Bulgaria. The transaction will result in a net inflow (after deduction of credit financing) of approximately EUR 80m and furthermore has a positive effect on the consolidated net income for the period.