LONDON (Alliance News) - Eastern European Residential property developer Kimberly Enterprises N. V. Thursday said it has agreed to sell its entire stake in Palace Engel Sp Zoo, which owns a housing project in Poland to Arces International B.V for EUR850,000 in cash.
Arces International B.V is its 50% owned joint venture with Heitman LLC, a real estate investment management firm.
Kimberly said on completion of the sale, Acres will recognise an estimated profit of EUR704,000 of which the company's share will be EUR352,000.
The proceeds of the disposal will be distributed to the joint venture partners in accordance with the terms of the joint venture agreement, the firm said.
In a separate deal, as announced in the half yearly report earlier this year, an agreement to sell Wilanow 2 development in Warsaw to a third party for a total consideration of EUR4.14 million was concluded.
The stock was trading at 0.450 pence, up 0.025 pence 5.9%.
By Anthony Tshibangu; anthonytshibangu@alliancenews.com; @AnthonyAllNews
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