Brief: Arcona Property Fund Completes Acquisition Of Boyana
25/02/2020 09:26
Feb 25 (Reuters) - ARCONA PROPERTY FUND NV ARCPF.AS :
* REACHES AGREEMENT WITH ALPHA BANK FOR EXTENSION OF LOAN
FOR
RECENTLY ACQUIRED BOYANA RESIDENCE PROJECT IN BULGARIA
* SIMULTANEOUSLY, REACHES AGREEMENT WITH BUYER ABOUT SALE
OF
BLOCK OF 8 APARTMENTS FOR AMOUNT OF EUR 1 MILLION
* PROCEEDS WILL BE USED TO REPAY BANK LOAN
* IS EXPECTED TO BE COMPLETED IN MARCH 2020
* WITH THIS REPAYMENT, LOAN FROM ALPHA BANK WILL REDUCE TO
CIRCA
EUR 2.4 MILLION
* SHARES AND WARRANTS THAT ARCONA PROPERTY FUND N.V. HAD
GIVEN TO
BOYANA FOUNDATION PENDING GRANTING OF LOAN HAVE NOW BEEN
TRANSFERRED TO SECURE PROPERTY DEVELOPMENT & INVESTMENTS
Source text for Eikon: ID:nNDL9GRHqf
Further company coverage: ARCPF.AS
(Gdansk Newsroom)
((gdansk.newsroom@thomsonreuters.com; +48 58 7785110;))