The newly built Sub City shopping centre in Zupa near Dubrovnik has been sold. Less than six months after the shopping centre was opened the owners, Agrokor, have sold the centre to the South African investment company, Tower Property Fund, for a 28 million Euros.
Agrokor is currently in the final negotiations with Tower Property Fund and it is expected that the 28.7 million Euros plus VAT deal will be finalised soon. The deal will see Agrokor remain in the shopping centre on a property management contract for the next twelve years.
A statement from the PR department of Agrokor read that, "Agrokor is in final negotiations on the sale and lease back of the centre in cooperation with Tower Property Fund Limited listed.”
It is reported that the negotiations will be completed by April this year. “These retail centres have been sold by Agrokor in a sale and lease back in order for them to utilize the cash more effectively in their business given they are a retailer and property is not their core strength,” commented Marc Edwards, CEO of Tower.