Sale of Vila Castello approved

The selling process of Vila Castello located in Medveja, in Lovran municipality was started in August. The property is owned by Agrokor since 1999. This is a real estate that is non-essential for Agrokor business activities and Croatia Sotheby’s International Realty, Croatian franchise of Sotheby's International Realty, the leading global company in real estate intermediation was hired to organize the sale. Asking price from Vila Castello was EUR 7 million (VAT excluded). During the selling process, there was great interest from potential buyers for this real estate and it reached the highest offer of EUR 8.115.000 from an investor from Slovakia.

The selling process was realized in two stages. First stage that started on September 21st 2017 was indicative offer period, during which six indicative offers were received from various international investors who then had a tour of the real estate. Second stage included binding offers with a validity period until October 16th 2017 and in it, following further negotiations with potential customers, two binding offers were received. The binding offer application process included a down payment of 10% of the asking price and initialing of the Sales Purchase Agreement.

The Extraordinary administration, at today’s meeting of the Temporary Creditor’s Council received the approval for the sale of Vila Castello real estate to the highest bidder in the amount of EUR 8.115.000, increased for the tax amount.

The selling procedure of movable assets – the yacht and the helicopter, unfortunately had to be stopped. Considering that both movable assets were burdened by pledge rights in favor of Addiko bank, legal teams did not succeed in finding a solution that would be satisfying  to the bank for the arrangement of transferring pledge rights to an account that would keep the funds obtained by the sale, the selling procedure for these movable assets had to be stopped. It will start again once the settlement is reached.