NEPI Rockcastle’s wholly owned subsidiary NE Property B.V. has entered into a binding agreement to sell 100% of the shares in the subsidiary holding the retail property, Promenada Novi Sad (Serbian Property), to a Serbian subsidiary of CEE BIG BV (Tthe Purchaser).
After the sale, NEPI Rockcastle will no longer have properties or carry out operations in Serbia. The agreed-upon amount for the Serbian Property is €177m, payable on the completion date. The proceeds from the sale will be used to fund NEPI Rockcastle’s pipeline of acquisitions and developments.
The final cash consideration will be determined on the completion date, based on the subsidiary's financial statements as of that date. The sale is subject to the fulfilment of customary approvals and conditions precedent, including approval from the Serbian competition authority and the securing of bank financing for part of the consideration by the Purchaser. The Agreement includes warranties, indemnities, and undertakings typically associated with transactions of this nature.
Image source - Pexels.
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