Serdika Center, one of six central and Eastern European malls acquired by Nepi Rockcastle. Picture: FABRYECE SERDIKA CENTER
Property group Nepi Rockcastle has entered into a non-binding agreement and initiated arbitration proceedings over the sale of its Romanian office portfolio, it said on Monday. The group signed a non-binding memorandum of understanding with AFI Europe, a wholly owned subsidiary of Africa Israel Properties, on Sunday, after a breach of agreement on the sale of the portfolio earlier this year, the group said.
The group said in December that it would sell its the portfolio for €290m as it plans to focus on retail. Nepi Rockcastle said in May that the disposal of the Romanian office portfolio had not been completed due to AFI Europe’s “obligations related to the completion procedures not being fulfilled”.
Property Property Latest News, Property Property Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Nepi Rockcastle begins arbitration over sale of Romanian portfolioIt signed a non-binding memorandum of understanding with AFI Europe on Sunday, property group says
Source: BDliveSA - 🏆 12. / 63 Read more »
Nepi Rockcastle begins arbitration over sale of Romanian portfolioIt signed a non-binding memorandum of understanding with AFI Europe on Sunday, property group says
Source: BDliveSA - 🏆 12. / 63 Read more »