Pandox has entered in to an agreement to sell the Scandic Antwerp hotel in Belgium to the Netherlands-based hotel chain Van Der Valk for €16 million.
"The transaction is in form of a sale of the hotel property Scandic Antwerp (Land register of Antwerp, 24th division, Borgerhout 1st division, Article 6923, series A 226/05/6) in Antwerp Belgium, in a company with an underlying property value of €16 million, which is in line with the most recent valuation," the company announced in a statement. Pandox will receive net proceeds of €13.6 million after deduction of deferred tax.
The transaction will close and the property will be vacated December 1.
“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,” Anders Nissen, CEO at Pandox, said in a statement.
Pandox AB (publ) is required to publish this information under the Swedish Securities Market Act and/or Financial Instruments Trading Act.