Woolworth Properties PLC has agreed to sell three properties to Bank of Cyprus subsidiaries. In particular, the deal concerns the well-known Shacolas Tower on Ledra Street, Superhome Center (DIY) department store in Strovolos and Debenhams Apollon in Limassol for a total price of €44 million.
According to an announcement made by Woolworth Properties on the Cyprus Stock Exchange, its subsidiaries Estelte Ltd and Calandra Ltd have agreed to sell three of their properties to Ravenica Properties Ltd, Wiceco Properties Ltd and Arleta Properties Ltd (subsidiaries of Bank of Cyprus):
• The property, known as Shacolas Tower, on Ledra Street in Nicosia, owned by Calandria Ltd (the biggest part of which is being rented out to H&M), was sold to Ravenica Properties Ltd.
• The property in Strovolos, owned by Estelte Ltd, (which currently hosts Superhome Center (DIY) Ltd – subsidiary of Ermes Department Stores Plc) was sold to Wiceco Properties Ltd.
• The property in Limassol, owned by Woolworth Properties (which is currently being rented out to the affiliated company Ermes Department Stores Ltd and operates in the Debenhams Apollon department store) was sold to Arleta Properties Ltd.
According to the announcement, the transfer of these properties will be completed within the current month while noting that the three properties have fixed revenue.
The total price is €44 million and the proceeds will be used to strengthen the Group’s liquidity which will help in the implementation of new planned development projects as well as to reduce its credit facilities and other obligations.
Based on the book value of the property, there will be a net accounting loss to the Woolworth Group of approximately €5 million.
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