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Arena Group takes over a mall in Cyprus for NIS 95 million
Distressed BSR Europe Ltd. has submitted an application to the court to approve the sale of its rights in the “MY MALL” shopping center in Cyprus to the Israeli publicly traded Arena Star Group Ltd., which deals with income-producing real estate.
Partner Raanan Kalir from our Restructuring & Insolvency department is serving as a special director on behalf of the Tel Aviv District Court, along with attorney Amir Algazi.
The transaction would see the sale of approximately 53% of the mall in exchange for an amount of approximately NIS 95 million, at a mall value of approximately € 90 million. With the approval of this transaction, most of the proceeds are expected to go to BSR Europe’s main creditors – the bondholders (Series H-IX).
To read the full article in Globes, click here.
