Brief: BBI Development Unit Signs Prelim. Investment Agreement

Bbi Development SA

29/05/2018 12:21

May 29 (Reuters) - BBI DEVELOPMENT SA  BBD.WA :
    * ITS UNIT, REALTY 4 MANAGEMENT SP. Z O.O. PROJEKT DEVELOPERSKI 4 SP.K.,
SIGNS
PRELIMINARY INVESTMENT AGREEMENT WITH THE ARCHDIOCESE IN WARMIAN-MASURIAN
PROVINCE 
    * ITS UNIT ALSO SETS UP AN SPV COMPANY (SPECIAL PURPOSE VEHICLE, SPV) TO
MANAGE
THE PROJECT OF TOTAL ESTIMATED COST AT ABOUT 300 MILLION ZLOTYS
    * AS PART OF DEAL PARTIES TO UNDERTAKE NEW PROJECT OF CONSTRUCTION AND
COMMERCIALISATION OF 4-STAR HOTEL ALONG WITH AMENTITIES ON ARCHDIOCESE'S REAL
ESTATE PROPERTIES
    * IN INITIAL STAGES, ENTITIES FROM THE COMPANY'S CAPITAL GROUP TO
PARTICIPATE IN
THE CONSTRUCTION COSTS AND DELIVER WORKS ON PROJECT  IN THE TOTAL AMOUNT OF 15
MILLION ZLOTYS
    * FURTHER FINANCING TO BE UNDERTAKEN FROM OWN FUNDS, FUNDS OBTAINED BY THE
SPV
THROUGH AN EARLY COMMERCIALISATION OF THE PROJECT AND EXTERNAL FUNDS
    * THE ARCHDIOCESE STAKE IN THE COMPANY IS ASSUMED AT 51 PERCENT LEVEL, CO'S
UNIT
TO OWN THE REMAINING STAKE

Source text for Eikon:  ID:nEM3JCZ2ya 
Further company coverage:  BBD.WA 

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