RomReal :Conditional One pending Land Bank Sales Agreements concluded 29 March 2017

On 2nd January 2017, RomReal announced two conditional sales agreements totaling gross EUR 17.75m before tax/sales commissions. The largest of these two independent transactions, the sale of the Mamaia North development project in Constanta, totaling gross EUR 15.1m is now concluded. The selling price for Mamaia North is set to increase by another EUR 0.4m, if a RomReal subsidiary is to win an on-going legal dispute with the local municipality regarding 1,453 sqm part of the plot.

Following this sale, RomReal's total external debt EUR 11.6m in Alpha Bank is to be paid down. In addition, EUR 1.75m in cash is to be received and RomReal has provided the buyer a secured vendor financing totaling EUR 1.75m. This has to be paid monthly with equal installments plus interest within a year. 

The second pending Land Bank sales Agreement, Morii Lake, was early January agreed sold for a gross amount of EUR 2.65m, with closing date March 31, 2017. The Buyer has provided a guarantee of 10 per cent of the transaction value. This transaction is presently not closed.

For further information please contact:

Harris Palaondas

Investor Relations

[e-mail]        [phone]

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

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Source: RomReal via Globenewswire