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19 Jun 2013 15:36
Kimberly Enterprises N.V.
('Kimberly' or 'the Company')
Trading Update
The Board of Kimberly, the AIM-quoted Eastern European residential property developer (KBE.L), announces that it has reached an agreement to sell the plot designed for the fourth stage of the Safranka project in the Czech Republic (the "Safranka Project") for a total cash consideration of €2.5m. The net proceeds of the disposal are expected to be approximately €2.2m. €200,000 has been paid by the purchaser on execution of the agreement, with the rest of the consideration being held in escrow pending completion.
The Safranka Project is owned by Arces International B.V., a 50% owned joint venture with Heitman LLC. The net proceeds from the sale will be distributed to the joint venture partners in accordance with the terms of the joint venture agreement and the partners' approval.
ENDS
Enquiries:
Kimberly Enterprises N.V. | Tel: +31 20 778 4141 |
Assaf Vardimon | |
Libertas Capital Corporate Finance Limited | Tel: +44 (0) 20 7569 9650 |
Sandy Jamieson |
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