19th Mar 2013 10:00
Eastern European Property Fund Limited
("EEP" or the "Company")
Sale of Pera Residence
19 March 2013
On 18 March 2013, EEP completed the disposal of Pera Residence (Asmalimescit Street, Beyoglu, Istanbul), for a cash consideration of USD2.12 million.
The Pera Residence, which comprises 274m2 of retail space, was sold fully occupied. The sale of the property for USD2.12 million (approximately GBP1.40 million) has crystallised a gain (before transaction costs) of approximately USD1.37 million (GBP0.91 million).
The Company does not have any brought forward losses remaining to offset the corporate income tax, of approximately USD0.28 million, arising on the gain.
The sale price is approximately 22% higher than the carrying value of the property in the 30 June 2012 report and financial statements of GBP1.15 million.
For further information please visit www.eepfl.com or contact:
| |
Tom Fyson Liberum Capital Limited Tel: +44 203 100 2000 | Keiran Gallagher Pera Pera Tel: +90 212 252 6048 |
Bob Locker CNC Property Fund Management Limited Tel: +44 1784 424 740 | |
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Eastern European Property