French-Dutch property giant Unibail-Rodamco has reached an interim settlement with ING Real Estate over a long-running conflict on the transfer of the ownership rights to Warsaw mall Zlote Tarasy. In a short statement released on Tuesday evening, the recently merged Unibail-Rodamco group said it will pre-pay ING Real Estate the estimated purchase price of about EUR 190 mln for 50% in Zlote Tarasy. In return it will receive from ING Real Estate the net return 'as if Unibail-Rodamco would have been the legal owner as per the opening date of the shopping centre on 7 February 2007'.
French-Dutch property giant Unibail-Rodamco has reached an interim settlement with ING Real Estate over a long-running conflict on the transfer of the ownership rights to Warsaw mall Zlote Tarasy. In a short statement released on Tuesday evening, the recently merged Unibail-Rodamco group said it will pre-pay ING Real Estate the estimated purchase price of about EUR 190 mln for 50% in Zlote Tarasy. In return it will receive from ING Real Estate the net return 'as if Unibail-Rodamco would have been the legal owner as per the opening date of the shopping centre on 7 February 2007'.
Unibail-Rodamco said it expects ING Real Estate to transfer the 50% of the shares in Zlote Tarasy at the 'earliest opportunity'.
Back in February this year, ING RE ran into a new delay in acquiring the 23.15% stake in the centre held by the Warsaw municipality. ING RE needed the stake to fulfil its obligations to Rodamco Europe, which has an option to buy a 50% stake in the project. The city council indicated it wanted to await the outcome of an assessment of the project before determining the sale price.
