The Board of East Balkan Properties (EBP) announced the sale, on December 31, 2010, to Denesol Limited of a 51% controlling interest in the Vitantis Shopping Centre and through another subsidiary Rivium Galeria Mall, the owner of Moldova Mall. The sale price for the Interest is a nominal EUR 5 M, in cash, London Stock Exchange informs, quoted by Money.ro. The Board of EBP believe that due to excess related indebtedness, the Assets, which are both located in Romania, have no meaningful probability of delivering value to shareholders in EBP and represent a significant cash burden to the EBP Group, primaily due to the cost of retaining the required asset management services. The structure of the transaction is such, however, that EBP will eliminate the cash cost associated with the Assets whilst retaining a 49% interest in Balkan Properties Cooperatief.
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