Israeli investor buys Delta City Mall Podgorica in Montenegro for 95 million euros

PODGORICA (Montenegro), February 22 (SeeNews) – Israeli company BIG Shopping Centers has announced that it has signed an agreement to acquire Delta City Mall Podgorica in Montenegro for 95 million euros ($108 million).

BIG Shopping Centers will acquire the company through CEE-BIG BV, a company in which it has a 95% stake, and will use a bank loan to finance 57 million euros of the purchase price, it said on Sunday. in a press release.

You can subscribe to our M&A newsletter here

“BIG’s entry into Montenegro is another step in the implementation of the company’s strategy to expand its activities in the Balkans and Eastern Europe. BIG continues to locate strategic projects in order to increase its market power, thanks to which, together with the success achieved in Serbia, it is one of the leading real estate companies in the Balkan region,” said CEO Hay Galis.

In December, UK-based Hystead Limited, majority-owned by South African real estate investment trust (REIT) Hyprop Investments, said it expected to complete the sale of Delta City Mall Podgorica in Montenegro in the first quarter of 2022. Firm offer to sell its entire stake in the entity owning Delta City Mall Podgorica, based on a gross land value of 95 million euros, he said at the time.

Hystead acquired Delta City Mall Belgrade and Delta City Mall Podgorica from Serbia’s Delta Holding for €127.8 million in February 2016.

($ = 0.880395 euros)

About Elizabeth Smith

Check Also

Kosovo accuses Serbia of trying to destabilize the country | app

PRISTINA, Kosovo (AP) — Kosovo on Monday accused neighboring Serbia of trying to destabilize the …