EBP East Balkan

    RNS Number : 9400I
  Equest Balkan Properties PLC
  26 November 2008
   
    Equest Balkan Properties PLC


    26 November 2008
    Equest Balkan Properties plc
    ('EBP' or the 'Company')

    EQUEST BALKAN PROPERTIES COMPLETES SALE  
    OF CITY CENTER SOFIA MALL FOR EUR 101.5 MILLION 

    Equest Balkan Properties, the property investment company focused on commercial, retail and industrial property in South Eastern Europe,
is pleased to announce the completion of the sale of City Center Sofia, a 22,910 square meter retail mall located in Bulgaria's capital
city, to Heitman European Property Partners III.
        
    The Company entered into a share purchase agreement with Heitman European Property Partners III on 19 September 2008 for the sale of
Lerma BV, 100% owner of Auriga EAD, the 100% owner of City Center Sofia. Funding of the purchase price and transfer of ownership were
completed on 25 November 2008.  

    The consideration of EUR 101.5 million represents a premium of EUR 7.5 million over the March 2006 acquisition price of EUR 94.0
million. CBRE valued the asset in June 2008 at EUR 102.0 million. 

    Cash consideration of EUR 42.0 million was received and the buyer assumed the existing mortgage  financing to complete the purchase
price. EBP will use the net sales proceeds, in part, to repay fully and ahead of schedule its EUR 15.0 million corporate bridge facility
with Raiffeisen Zentralbank ?terreich AG and to pre-pay EUR 3.3 million in mortgage debt with UniCredit Bank Austria AG. The monies will
also fund to completion Equest Logistic Center.

    Commenting, Michael Uhler, CFO Property, of Equest Partners Ltd., EBP's Investment Adviser, said:

    "We selected Heitman as our transaction partner, in part, due to their market reputation as a reliable institutional investor. This
choice and their integrity proved to be critical factors in our ability to complete in current market conditions. We look forward to working
with their CEE team again.

    As directed by the Board in May 2008 following our strategic review, EBP has now confirmed the value of its largest asset, completed its
sale, and gained valuable liquidity for its continued operations and its shareholders. We are well positioned operationally and financially
for 2009 and can complete our existing construction projects as planned. Additional asset sales are planned but only if our pricing
expectations can be achieved."



    -ENDS-





    For further information, please contact:

 Equest Partners (for Equest Balkan Properties)                               
 Tel:                                                  +44 20 7240 7600       
                                                                              
 Michael Uhler                                                                
 Naomi Kora                                                                   
                                                                              
                                                                              
 KBC Peel Hunt Ltd - NOMAD                                                    
 Tel:                                               +44 20 7418 8900          
 Capel Irwin                                                                  
 Alex Vaughan                                                                 
                                                                              
                                                                              
 Arbuthnot Securities Limited                                                 
 Tel:                                             +44 20 7012 2000            
 Alastair Moreton                                                             
 Hannah Pearce                                                                


This information is provided by RNS
The company news service from the London Stock Exchange
 
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