JPM has advised Delta Real Estate on the sale of its ownership quota in companies that own and operate the Delta City Shopping Malls in Belgrade and Podgorica — and has advised Hemslade Trading Limited on the sale of its ownership in the company that owns and operates the shopping mall in Podgorica as well — to Hyprop Investments Ltd (South Africa) and Homestead Group Holdings Ltd. Harrisons advised the buyers on the deals, which amounted to EUR 202.75 million.
According to JPM, "Delta City Belgrade is a modern and well-established shopping center with 29,876 square meters of gross leasable area and 122 shops located in a densely populated area of New Belgrade. Delta City Podgorica is a prominent, contemporary shopping center, offering 23,608 square meters of retail GLA, with 80 shops. The mall is located on the main boulevard in Podgorica, the capital city of Montenegro.”
For the next 12 months, Delta Real Estate will oversee the management of both malls on behalf of the buyers, with the existing mall staff continuing their employment with the newly acquired companies. Asset management responsibilities will be performed by Hyprop and Homestead.
JPM Senior Partner Jelena Gazivoda and Partners Uros Markovic and Nikola Djordjevic led the firm’s team providing "full legal and transactional support to Delta Real Estate and Hemslade Trading Limited during the negotiations and execution of this landmark transaction.”
Image Source: deltacity.rs