M&A Activity • Mar 30, 2017
M&A Activity
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RomReal :Conditional One pending Land Bank Sales Agreements concluded 29 March 2017
On 2nd January 2017, RomReal announced two conditional sales agreements totaling
gross EUR 17.75m before tax/sales commissions. The largest of these two
independent transactions, the sale of the Mamaia North development project in
Constanta, totaling gross EUR 15.1m is now concluded. The selling price for
Mamaia North is set to increase by another EUR 0.4m, if a RomReal subsidiary is
to win an on-going legal dispute with the local municipality regarding 1,453 sqm
part of the plot.
Following this sale, RomReal's total external debt EUR 11.6m in Alpha Bank is to
be paid down. In addition, EUR 1.75m in cash is to be received and RomReal has
provided the buyer a secured vendor financing totaling EUR 1.75m. This has to be
paid monthly with equal installments plus interest within a year.
The second pending Land Bank sales Agreement, Morii Lake, was early January
agreed sold for a gross amount of EUR 2.65m, with closing date March 31, 2017.
The Buyer has provided a guarantee of 10 per cent of the transaction value. This
transaction is presently not closed.
For further information please contact:
Harris Palaondas
Investor Relations
[email protected] +40 731123037
This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
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