The Management Board of Vantage Development S.A. ("Issuer") informs that on March 1, 2019, a subsidiary of the Issuer - VD limited liability company Flats XXI sp. K. ("Buyer") concluded with a natural person ("Seller") a preliminary conditional contract for the acquisition of ownership another land property with an area of 0.7 ha, located in Iwiny ("Real Property") for a total price of PLN 1.7 million.
The final purchase agreement will be concluded under the condition the entry into force of the change of the spatial development plan or new local zoning plan, whose provisions will enable the Buyer to realize multi-family housing with the parameters specified in the contract, but no later than by 31 December 2019. The reserved condition is in favor of the Buyer.
The Buyer has the right to withdraw from the preliminary contract without the right to seek any claims by the Seller by May 31, 2019.
The property will be used for the implementation of the development investment.
Source: company website, investor relations, current and periodic reports.