Wednesday, December 23, 2009

Elmec Agrees to EUR 40 Million Sale Leaseback of Store in Greece - December 23, 2009

Elmec Sport announces that its fully owned subsidiary and under a merger procedure 'FACTORY OUTLET S.A.', signed today a sale and lease back agreement jointly for 50% each with 'Emporiki Leasing S.A.' and 'EFG Eurobank Ergasias Leasing S.A.' for the owned building where FACTORY OUTLET department store operates in a surface of 13.000 sq.m. The total funding reaches the amount of 40 mn euro.

This agreement lasts for 15 years and the monthly installments are connected with the 3M Euribor plus an additional spread. The inflows from the said agreement will be used primarily to pay off short term loans and secondly to finance the current business plans of the Group. Sphere: Related Content

No comments:

Wikinvest Wire