With reference to the information published on 30 May 2018 in current report no. 42/2018, the Management Board of Soho Development SA ("Company", "Issuer") informs that on June 4, 2018, the final sale agreement and other rights belonging to PZO Sp. Z o.o. (hereinafter "Subsidiary Company" or "PZO Factory").
The final agreement was concluded in the execution of a conditional preliminary agreement for the sale of real estate and other property rights of April 12, 2018 (hereinafter the "Preliminary Sales Agreement").
The subject of the sale under the agreement ("Promised Contract") is the right of perpetual usufruct of plots no 17/3, 17/4 and 17/5 located at ul. Grochowska 316/320 in Warsaw with a total area of about 10.75 thousand . m² together with the ownership of buildings erected on this land ("Real Property"). Along with the Real Property, the subject of disposal under the Final Contract are rights related to the Real Property, including rights to movable assets related to the Real Property, copyright to architectural documentation, design guarantees, trademark rights and transfer of consents, decisions and permits related to the Real Property.
The other side of the Promised Contract is companies related to White Star Real Estate Limited Liability Company, ie: Paderna spółka z ograniczoną odpowiedzialnością with its registered office in Warsaw (address: 00-132 Warsaw, Grzybowska street number 5A, and Baleta limited company with responsibility based in Warsaw (address: 00-132 Warsaw, Grzybowska street number 5A) (hereinafter referred to as "the Buyer").
The total sale price of the Real Property and other rights is PLN 31,055,215.30 (thirty one million fifty six thousand The sale of the Real Property is exempt from the tax on goods and services.
Concurrently with the conclusion of the Promised Contract, the Subsidiary entered into a conditional sale agreement, the subject of which is the perpetual usufruct right to plot 17/2 located at ul. Grochowska 316 / 320 in Warsaw for the price of PLN 379,571,71 (hereinafter the "Conditional Agreement"). The sale of the plot on the basis of the Conditional Agreement will take place under the condition that the President of the Capital City of Warsaw has not exercised the statutory pre-emption right vested in the Capital City of Warsaw pursuant to Article 109 para. 1 point 2) of the Act onReal Estate Management. Due to the above, the total sale price of the Real Estate and plot no. 17/2 will amount to PLN 31,435,823.01.
The value of real estate in the PZO Factory books was PLN 29.5 million. In addition, the Management Board informs that the Company simultaneously made early repayment of Series B bonds issued by the Company in the amount of PLN 15 million.
Source: company website, investor relations, current and periodic reports.