Polish retail developer Rank Progress is exiting the Aviator shopping center project. Pergranso has agreed to buy the center for PLN 67.34m. Going up in the city of Mielce, Aviator will add 25,000 sqm of GLA to the local market. The transaction will be conducted in three phases. The first phase, worth PLN 18m, will make it possible for the developer to release financing from Plus Bank.
The transaction will also make it possible for Rank Progress to buy out its D-series bonds, worth PLN 130.8m. The company said about 30 percent of the profit resulting from the sale will be used to repay bondholders.
