Chagala Group, the London-listed Kazakh real estate developer-owner, has acquired its partner's 49.9% share in the Chagala Zere Malls venture. Chagala said the partner, Zere Limited, a real estate developer in the provincial cities of Kazakhstan, had been affected by the economic downturn and was unable to continue supporting the venture.
Chagala Group, the London-listed Kazakh real estate developer-owner, has acquired its partner's 49.9% share in the Chagala Zere Malls venture. Chagala said the partner, Zere Limited, a real estate developer in the provincial cities of Kazakhstan, had been affected by the economic downturn and was unable to continue supporting the venture.
'To secure the cash that was left in the company along with plans and designs for the two proposed centres in Ust-Kamenogorsk and Atyrau, we acquired Zere's shares through a combination of cash and selling the land in Ust- Kamenogorsk to Zere Limited at a discounted value,' Chagala CEO Tim Abson said:
The transaction was completed at a net cash cost of $300, 000 (EUR 220,000).
Chagala's management is considering how to develop Chagala Zere Malls, 'depending on macroeconomic conditions in the region going forward', the company said in a statement.
