Develia has entered into a letter of intent with entities not related to the company (e.g. investment funds managed by one investment fund company and entities affiliated with the Semeko Grupa Inwestycyjna capital group) a letter of intent concerning the implementation, through the project company Semeko Park (JV company) and its subsidiaries, of a joint multi-phase investment consisting in the construction and commercialisation of residential and commercial premises with a maximum usable area of 90,000 sqm on a property in Gdynia Leszczynki, Develia stated. The company’s initial commitment to the investment will be PLN 75 million.
“On the basis of two increases in the share capital of the JV company, the issuer will acquire a total of 50.01% of shares in the JV company in exchange for a total cash contribution of PLN 75 million, representing the issuer’s initial capital commitment in the joint investment. The partners will hold a total of 49.99% of the shares in the JV company. The issuer, as the manager of the joint investment, both at the level of the JV company’s management board and on the basis of a separate agreement on the management of the joint investment, will be responsible for all activities related to the implementation of the joint investment, including the provision of paid project management services and the construction and commercialisation of residential and commercial premises on the property in Gdynia Leszczynki, the company announced.
The joint investment will be implemented subject to the conditions precedent of, inter alia, obtaining the approval of the President of the Office of Competition and Consumer Protection (UOKiK) for the concentration involving the creation of a joint venture, obtaining a positive result from Develia’s due diligence of the JV company, individual subsidiaries of the JV company and the property earmarked for the investment, and obtaining the required corporate approvals, it was also stated.
The detailed terms and parameters of the joint investment will be defined by the parties in the joint venture agreement, Develia further reported.
Source: Develia and ISBnews
