The transaction is in form of a sale of the hotel property Scandic Antwerp in Antwerp, Belgium, in a company with an underlying property value of €16 M, which is in line with the most recent valuation. Pandox will receive net proceeds of €13.6 M after deduction of deferred tax. The transaction will close and the property will be vacated 1 December, 2015.
“When our partner Scandic decided to not extend the lease agreement for the hotel property, it was a natural step for Pandox to explore various options, including a divestment. We are pleased to have reached an agreement with Van Der Valk to divest the hotel”, says Anders Nissen, CEO at Pandox.
Pandox divests hotel property in Antwerp for €16 M
Sweden — Pandox, listed on Nasdaq Stockholm has entered in to an agreement to divest the hotel property Scandic Antwerp in Belgium for €16 M, to the hotel chain Van Der Valk from the Netherlands.