Dutch retailer Ahold has today (Wednesday) announced that it has signed an agreement to sell the shopping centres it owns in Bielsko Biala and Elblag in Poland and in Karviná in the Czech Republic to ING Property Fund Central Europe, a fund managed by ING Real Estate.
The value of the transaction, consisting of a cash consideration and debt repaid to Ahold, amounts to approximately EUR108m (US$127m).
This transaction is expected to close in the first quarter of 2006, and is subject to satisfaction of customary closing conditions.
Ahold Central Europe, that developed the centres, will continue to operate its Hypernova hypermarket in Centrum Karviná. Ahold’s hypermarket operations in the Polish centres were already divested in February 2005.