On 5 May, Hili Properties plc announced that, through its wholly owned subsidiary Hili Premier Estates Romania S.R.L., it acquired a new property in Romania known as the ART Business Centre 7 for a total consideration of €30.58 million (€28.58 million payable immediately whilst the balance of €2 million are payable within 12 months).
The ART Business Centre 7, the Group’s first property in Romania, is situated in a prime location with modern facilities and amenities. There are a number of existing long-term tenants which the Company expects to maintain and strengthen. Two of the key tenants are the anchor tenant Ponderas Academic Hospital, which forms part of the largest private clinic network in Romania, as well as Intesa San Paolo bank.
The announcement also noted that this new property generates €2.3 million in annual net profit.