TUP Property, a subsidiary company of TUP S.A., sign a contract with Portico Investments Poland for sale a property located on Uniwersytecka St. in the City Center. A value of the transaction totals a net amount of EUR 1,73 million.
At the beginning of 2011, both companies signed a letter of intent concerning the property. Last days, TUP informed about the transaction’s conclusion. The immobility covering approximately 1 500 sq. meters belonged to the commercial real estate portfolio of TUP Property and is under a long-term lease contract with Jerónimo Martins, an owner of the “Biedronka” retail chain.
According to a press release, TUP Property is to allocate the transaction’s financial means to continue its current projects and to acquire new ones.