Amsterdam, April 6, 2014 – Kardan N.V., active in Real Estate, Water Infrastructure and Financial Services in emerging markets announces that its indirect subsidiary Kardan Land Dalian (“the Project Company”) has completed the signing of a Letter of Intent (“LoI”) with a Chinese investor (the "Purchaser") for the sale of building A2 in the Europark Dalian project in China, which comprises 201 Small Office Home Office (SOHO) units as well as 100 parking spaces (“the Transaction”).
The total consideration is RMB 334 million (approximately EUR 39 million).

The Project Company is a 100% subsidiary of Kardan Land China, Kardan’s wholly owned real estate subsidiary in China. After the signing of the LoI, the Purchaser paid a deposit of 10% of the total consideration that can be refunded only in case the final purchase agreement will not be signed due to the shortcomings of the Project Company.

The completion of the Transaction is subject to various conditions precedent, including the signing of the final purchase agreement. It is not certain at this time that the sale will be completed.

It is planned that the final purchase agreement will be signed in the coming two months, at which time the Purchaser shall pay an additional 60% of the total consideration. The balance (i.e. 30% of the total consideration) will be paid upon delivery of the building, which is expected to take place at the end of the third quarter of 2014.
The proceeds of the Transaction will be used by the Project Company to further develop the project.

The Europark Dalian project comprises a shopping centre (Galleria Dalian), two SOHO buildings, two luxury apartment buildings and another building for residential units or offices and parking areas, over a built area of approximately 327,000 sqm in the city of Dalian in China. Overall 1,130 residential units are expected to be built on an area of 109,725 sqm and the project will have 2,311 parking spaces to be used by the buildings’ residents and visitors of the shopping centre.
The opening of the Europark Dalian shopping centre is planned for Q4 2014.