Stock Exchange Announcement
07 October 2010
RomReal Divests Constanta Property for €2.3m
RomReal has divested one of its properties in central Constanta, Romania, namely the Bus Station Plot, for €2.3m in cash. The sale price is in line with the most recent independent valuation of the property which is a component of the overall published NAV figure for RomReal. By the end of 2nd quarter 2010, RomReal NAV per share was EUR 0.83 (NOK 6.3).
The transaction reflects RomReal's strategy to divest assets in order to strengthen its financial position even further. In line with aforementioned strategy, the Company is actively working in achieving further property divestments in the near future.
Kay Thorkildsen, RomReal's CEO says "I am pleased that we have realised this sale at a value which is in line with the most recent NAV assessment of the property. In these challenging times we have finalised a transaction that demonstrates the attractiveness of RomReal's land bank. We will continue with this effort,assuming that the right opportunities occur, to add to our cash position and strengthen our working capital even further."
For further information, please contact: