06/12/2011 14:29
Woolworth announced on Tuesday the termination of the sale agreement of part of its plot at Kokkinokafkalla in Strovolos adjacent to The Mall of Cyprus of 4,000 sq. meters.
This agreement had been announced on March 30, 2010 and April 8, 2010 and was reached with a subsidiary of Madisons.
According to the announcement, the reason for the termination is that the buyer G N Gallery Famagusta Ltd did not abide by its obligations pursuant to the agreement.
The plot is still registered to Woolworth (Cyprus) Properties Plc. The impact of the cancellation in the Company’s accounts will be evaluated and announced at the examination of the results for 2011.
AD Shopping Galleries, via its subsidiary, GN Gallery Famagusta, had reached an agreement with Woolworth in March 2010.
An older announcement on the issue had said that the acquisition price of the plot is €6 million and €1.5 million had been paid.
According to the agreement, the remaining €4.5 million would have been paid in three annual instalments or six months after the completion of the split.
The profit for Woolworth from this deal was estimated at €2.6 million (taxes not calculated).
This agreement had been announced on March 30, 2010 and April 8, 2010 and was reached with a subsidiary of Madisons.
According to the announcement, the reason for the termination is that the buyer G N Gallery Famagusta Ltd did not abide by its obligations pursuant to the agreement.
The plot is still registered to Woolworth (Cyprus) Properties Plc. The impact of the cancellation in the Company’s accounts will be evaluated and announced at the examination of the results for 2011.
AD Shopping Galleries, via its subsidiary, GN Gallery Famagusta, had reached an agreement with Woolworth in March 2010.
An older announcement on the issue had said that the acquisition price of the plot is €6 million and €1.5 million had been paid.
According to the agreement, the remaining €4.5 million would have been paid in three annual instalments or six months after the completion of the split.
The profit for Woolworth from this deal was estimated at €2.6 million (taxes not calculated).
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