Arcona Property Fund update on engagement with Sberbank CZ
24 October 2022
Arcona Property Fund N.V. – a listed fund that invests in commercial real estate in Central Europe – has a mortgage loan from and cash deposits with Sberbank CZ through its 100% Czech subsidiary. Sberbank CZ was declared bankrupt in August 2022. The appointed bankruptcy trustee of Sberbank CZ has now reported on the website of Sberbank CZ that an offer has been received from Česká Spořitelna for the loan portfolio of Sberbank CZ.
The loan from Sberbank CZ to the Fund´s 100% subsidiary Arcona Capital RE Bohemia s.r.o. (ACREB) is currently EUR 8.35 million. ACREB also has funds in blocked accounts at Sberbank CZ in the amount of approximately EUR 314,500.
The website from Sberbank CZ reports that medium-sized creditors, including ACREB, are expected to receive 100% of their receivables in the event of a successful sale to Česká Spořitelna.
The management is monitoring developments and will inform the market as soon as more is known about the sale of the Sberbank CZ loan portfolio to Česká Spořitelna.
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Arcona Property Fund update on engagement with Sberbank CZ 24 October 2022 |
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