Nothing but negotiation

The Gap Partnership

Sales negotiations completed between Carpathian and IntReal

Due diligence has been completed on the transaction of three assets belonging to Carpathian

17 November 2010

Carpathian has agreed to sell three assets in Poland - shopping centres in Lodz and Torun, and the Sosnowiec Centre - for €40.2 million (£34.2 million) in cash to Germany's International Real Estate (IntReal), on behalf of the Pradera Open-Ended Retail Fund.

The British commercial property investment firm closed sales negotiations, saying due diligience for the transaction regarding Warsaw's Promenada retail, business and leisure centre was complete, Reuters reports.

It comes as shares in Carpathian climbed by two per cent on the London Stock Exchange today (November 17th), following losses of around 42 per cent since May, when the organisation experienced a fall in net asset value.

The three assets sold form part of its Blue Knight portfolio, acquired in 2005 for €32.4 million.

This news follows the publication of the Thomson Reuters and Freeman Consulting Service survey suggesting that a rise of more than one-third in worldwide mergers and acquisitions will be seen in 2011.

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