27th Nov 2012 10:03
Eastern European Property Fund Limited
("EEP" or the "Company")
Sale of the 6th Floor of The Misir Building and Repayment of the Bank Loan
27 November 2012
On 26 November 2012, EEP completed the disposal of the 6th floor, The Misir Building (Istiklal Street, Beyoglu, Istanbul), for a cash consideration of USD3.50 million (USD4.13 million including VAT).
All of the proceeds, together with some of the Company's cash reserves, will be used to repay in full the outstanding USD4.0 million bank loan.
The 6th floor of The Misir Building, which comprises 920m2 of office space, was sold partially occupied. The sale of the property for USD3.50 million (approximately GBP2.19 million) has crystallised a gain (before transaction costs) of approximately USD2.19 million (GBP1.37 million).
The sale price is GBP0.26 million lower than the carrying value of the property in the 30 June 2012 report and financial statements of GBP2.45 million.
For further information please visit www.eepfl.com or contact:
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Tom Fyson Liberum Capital Limited Tel: +44 203 100 2000 | Keiran Gallagher Pera Pera Tel: +90 212 252 6048 |
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Bob Locker CNC Property Fund Management Limited Tel: +44 1784 424 740 |
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