A real estate developer is considering raising EUR 200 mln by divesting some of its properties in Serbia and Montenegro. In the context of restructuring of Delta Real Estate, Serbian businessman Miroslav Miskovic is considering all options to boost business, including divesting Delta Real Estate, owner of Delta City shopping malls in Belgrade and Podgorica.
Delta Holding has requested advice from Belgrade-based Novaston, which is co-owned by its director Mia Zecevic, how to further organize the business of Delta Real Estate Group, which has two shopping malls, and intends to build a third – Delta Planet on Autokomanda in Belgrade.
“Novaston is working on Delta Real Estate’s restructuring. One of the solutions for the company is to sell its shopping centers in the capital cities of Serbia and Montenegro, as Delta Holding intends to turn to agriculture. In connection with construction of the Delta Planet Mall, the company has been in discussions with Arab firms and new contacts are expected in April,” a source familiar with the matter told local media Kurir.
Ten days ago, Miroslav Miskovic said that Delta Holding is expected to start a EUR 250 mln investment cycle this year. “It is expected of us to purchase some companies, as well as to sell some of our companies or organization parts,” Miroslav Miskovic added.
Novaston representatives declined to comment.
Up to now, Delta Holding has invested EUR 74 mln in the 85,000 sq. m Delta City shopping mall in Belgrade and EUR 39 mln in the 46,000 sq. m Delta City in Podgorica.
The company plans to invest EUR 200 mln in its 182,000 sq. m Delta Planet shopping project in Belgrade, as well as to build two office buildings near Crown Plaza Hotel and a high-class hotel in the Serbian capital.
Source: propertyxpress.com