Announcement.

SOHO DEVELOPMENT SA (20/2019) Procedure for the sale of assets - sale of the shares of the company Cracovia Property Sp. z o.o.

With reference to current report no. 17/2019, the Management Board of Soho Development Spółka Akcyjna ("the Company") hereby announces the conclusion on 27 May 2019 of the conclusion by the Company of an agreement for the sale of shares representing 100% of the share capital of Cracovia Property Sp. zoo. ("Shares"), entered into the register of entrepreneurs under the number KRS 0000270437, whose registration files are kept by the District Court for the Capital City of Warsaw, XII Commercial Department of the National Court Register ("Subsidiary").
The sale was made to an entity related to Mr. Maciej Zientara, ie Supernova Financial Services Sp. z o.o., entered into the register of entrepreneurs under the number KRS 0000067462, whose registration files are kept by the District Court for the Capital City of Warsaw, XII Commercial Department of the National Court Register.
The main component of the Subsidiary's property are the rights to immovable property indicated below:
a) Plot No. 576/50 with an area of ​​3,751 sq m, with a building potential of 7,227 sq m of usable residential space with a service function ("Stage Property III ");
b) Plots of land No. 576/26, 576/28, 576/29, 576/31 and 576/7 with a total area of ​​5,754 sq m, for which no development conditions have been issued to enable investments for which, according to the commissioned by the company by architectural analysis, there is a potential for future development of up to 2.7 thousand sq m of usable residential space with a service function, which is subject to implementation risk ("Stage IV Real Estate");
c) Plots of land No. 576/75, 576/77, 576/79, 580/4 and 580/6 with a total area of ​​25,271 sq m, which, according to the current local spatial development plan, are intended solely for a publicly accessible park ("Real Estate Park ") and have no commercial use. In the future, it cannot be ruled out that these plots are expropriated for public purposes or attempts to exchange them from Krakow for another property. For today, however, there are no premises to assume the likelihood of such a scenario.
In connection with the above, the parties to the sale agreement have set the base price for the sale of Shares at PLN 5,360,000 (five million, three hundred and sixty thousand zlotys), which reflects the value of Stage III Real Estate. At the same time, the preliminary transaction conditions provide for a mechanism to automatically increase the base price:
a) in the amount of PLN 1,700,000.00(one million, seven hundred thousand zlotys), conditional on obtaining by 31 December 2021 a final building permit decision for the investment carried out on the Stage IV Real Estate;
b) in the amount of 50% of obtained benefits from expropriation or replacement of Park Real Estate, taking place within two years from the date of the conclusion of the Share purchase agreement;
(c) in the amount of 50% of the surplus resulting from the sale of Shares within 12 months from the date of the conclusion of the Share purchase agreement.
Funds from the abovementioned the transactions were used as part of the fifth round of purchase of the Issuer's own shares.

Source: company website, investor relations, current and periodic reports.

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Company information
Company name:Soho Development SA
ISIN:PLNFI0400015
NIP:5261029318
Adress: ul. Mińska 25 03-808 Warszawa
Phone:+48 22 3231900
website:www.sohodevelopment.pl

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