AIM-listed real estate investor Carpathian has announced that it is exploring two potential sale transactions in Poland as part of its strategy to return value to shareholders in the medium term.
AIM-listed real estate investor Carpathian has announced that it is exploring two potential sale transactions in Poland as part of its strategy to return value to shareholders in the medium term.
Carpathian said that the 'Blue Knight Portfolio' of provincial shopping centres across Poland is under offer and that the buyer's due diligence process is 'advancing'. Meanwhile, following the receipt of a number of offers through a competitive bid process for the prime shopping centre asset Promenada in Warsaw, one party has been selected as a potential buyer. An extensive due diligence process is now due to commence.
The due diligence and contract negotiation periods within the Polish market can typically take several months before any conclusion is reached. The aggregate prices currently offered for the above assets are close to the 2009 year end valuations.
Carpathian said that it to engage with other investors active within the Polish market to arrange sales on similar terms in the event that the current negotiations fail to lead to a deal.
Discussions continue with investors showing mixed interest in other assets within the Carpathian portfolio, the firm added.
