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Stenprop to sell Berlin shopping centre for €30.8 million
StockMarketWire.com
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Property company Stenprop said it had exchanged contracts on the sale of its freehold interest in the Hermann Quartier shopping centre in Berlin, Germany to ILG Capital GmbH for €30.8 million.
The disposal price was in line with the 30 September book value and reflected a 19% premium to the 31 March 2020 valuation, the company said.
ILG Capital GmbH was acting on behalf of the regulated special property fund ILG Einkaufen D managed by IntReal International Real Estate Kapitalverwaltungsgesellschaft mbH.
Net proceeds from the sale after deduction of anticipated transaction costs, repayment of debt and property taxes were expected to be €19 million, which Stenprop intended to use to fund further acquisitions in the multi-let industrial sector.
Story provided by StockMarketWire.com
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