Pandax to sell Scandic Antwerp to Van Der Valk chain

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.

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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.