Ablon Group Limited Partial sale of Karolkowa Business Park (4192S)

TIDMABL

RNS Number : 4192S

Ablon Group Limited

30 November 2012

Partial sale of Karolkowa Business Park

ABLON Group Limited ("ABLON" or "the Company"), a leading real estate owner and developer in Central Europe, today announces the partial sale of the Karolkowa Business Park ("KBP") in Warsaw.

ABLON has entered into a cooperation agreement with ASBUD Piaseczno sp zo o ("ASBUD"), a reputable Warsaw-based developer, controlled by Shikun&Binui Group, for the co-development and subsequent sale of the property. ABLON and ASBUD will each have a 50% interest in the project company that owns KBP, and project management will be undertaken by ASBUD.

On 29 November 2012, ASBUD acquired 50% of the project company for EUR7.5 million on the basis of its current net asset value inclusive of the Company's intercompany loans. ABLON and ASBUD will invest EUR2.75 million each immediately in order to settle the costs of the construction activity incurred to date and to ensure continuation of the construction to complete the skeleton phase. The net surplus funds received will be used by ABLON to satisfy in part the working capital requirements of the Group.

The A-class KBP office complex will include 14,900 m2 of office space, 3,000 m2 of retail space on the ground floor and 260 underground car parking spaces. KBP is located within a business park adjoining Warsaw's Central Business District and is easily accessible by public and private transportation links, including a new metro station. Construction will re-commence in the near future and completion is expected in the next 20 months.

For further information, please contact:

ABLON Group Limited

   Uri Heller                                                                    Tel. +36 1 225 6600

Arden Partners plc

   Adrian Trimmings / Justine Waldisberg                          Tel. +44 (0) 20 7614 5900

ING Wholesale Banking (Joint Corporate Broker)

   Nathalie Bachich de Recina                                           Tel. +44 (0) 20 7767 8362

Newgate Threadneedle (Financial PR)

   Graham Herring                                                            Tel. +44 (0) 20 7653 9858

Terry Garrett Tel. +44 (0) 20 7653 9845

NOTES TO EDITORS

About ABLON Group Limited

Founded in 1993 in Budapest (Hungary), ABLON and its subsidiaries (together the "ABLON Group") has properties at 34 locations, of which there are 15 completed projects, two projects in the construction phase and 23 development projects in Budapest, Prague, Bucharest, Warsaw and Gdansk. Its portfolio comprises a diversified mix of office, residential, retail, logistics and hotel developments valued at EUR385 million as at 30 June 2012. The ABLON Group had, as at 30 June 2012, 202,000 square metres of existing and income generating office, residential, hotel, retail and logistics assets (at 15 locations) in Budapest and Prague, with a significant development land bank comprising a further 1,236,300 square metres (at 24 locations) in Budapest, Prague, Bucharest, Warsaw and Gdansk. ABLON's shares are traded on the Main Market of the London Stock Exchange under the ticker 'ABL'.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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