Ahold Central Europe today announced that it has signed an agreement to sell the shopping centers it owns in Bielsko Biala and Elblag, Poland and in Karviná, the Czech Republic to ING Property Fund Central Europe, a fund managed by ING Real Estate. The value of the transaction, consisting of a cash consideration and debt repaid to Ahold, amounts to approximately €108 million.
This transaction is expected to close in the first quarter of 2006, and is subject to satisfaction of customary closing conditions.
Ahold Central Europe, that developed the centers, will continue to operate its Hypernova hypermarket in Centrum Karviná. Ahold's hypermarket operations in the Polish Centers were already divested in February 2005.
Source: Royal Ahold