Kardan N.V. active in Real Estate, Water Infrastructure and Financial Services in emerging markets announces that, following the press release issued on February 20 last, further negotiations between Kardan Land China and an international fund to sell a 50% stake in its mixed-use project Europark Dalian (‘the Transaction’) have ended.
The unbinding Letter of Intent (‘LoI’) that parties signed on December 28, 2012 included an exclusivity period until February 18, 2013, which had been extended by mutual consent. Kardan Land China has now been informed by the international fund that it has decided not to pursue the Transaction.
Kardan Land China is now resuming discussions with other international funds and investors, with which discussions were stopped due to the exclusivity term in the LoI.
The cancellation of the negotiations does not have any impact on the further development of Europark Dalian.
Europark Dalian is a mixed-use project comprised of a shopping center, two SOHO (Small Office Home Office) buildings, two luxury apartment buildings, a service apartment/office building and parking spaces, totaling a gross buildable area of 327,006 m² located at the East Port Area, Dalian, China (‘the Project’). Construction of the Project started in May 2012.