ClickCease
Find apartment

Acquisition of an asset of significant value by a subsidy


The Management Board of LC Corp S.A. (the "Issuer") reports that on 26 August 2015 it received information that on 26 August 2015 the District Court for Warszawa-Mokotów in Warsaw, 10th Land and Mortgage Register entered LC Corp Invest XV spółka z ograniczoną odpowiedzialnością Projekt 2 spółka komandytowa having its registered office in Wrocław (the "Company"), where the Issuer is indirectly (through its subsidiary undertakings: LC Corp Invest XV Sp. z o.o. oraz Kraków Zielony Złocień sp. z o.o.) the sole shareholder, as a perpetual lessee of undeveloped real property located in Warsaw, Wola District, at ul. Sowińskiego and Człuchowska, having the total area of 46,984 sq. m ("Real Estate"). The above is the result of the conclusion on 31 July 2015 between the Company and Polski Holding Obronny sp. z o.o. having its registered office in Warsaw (the "Seller) of an agreement for the acquisition of the right of perpetual usufruct of the Real Estate for the net price PLN 76,205,000.00 increased by 23% VAT, i.e. in the amount of PLN 17,527,150.00, about which the Issuer reported in current report 38/2015 dated 25 May 2015 and 42/2015 dated 11 June 2015.

 

The Real Estate is covered by a local spatial development plan of the surroundings of Olbrachta Street, approved by Resolution No. LVI/1669/2009 of the Council of the Capital City of Warsaw of 28 May 2009, which envisages the development of the Real Estate with multi-family residential buildings with services. The Company plans to build in several stages a housing estate along with service premises comprising approx. 1,160 residential premises on the Real Estate being the object of the Agreement.

The book value of the assets in the Company’s books of accounts equals the purchase price, i.e. PLN 76,205,000.00.

 

The Issuer reports that there are no equity links or personal relations between the Issuer and its management or supervisory staff and the Seller and the management staff of the Seller.

The acquisition of the Real Estate was financed from own funds.

The criterion for recognising the acquired asset as significant by the Issuer is the fact that its value exceeds the level of 10% of the Issuer's equity.

 

Legal basis: Art. 5.1.1 of the Regulation of the Minister of Finance (Journal of Laws, No. 33, item  259) of 19 February 2009 on current and periodic information published by issuers of securities and conditions for recognising as equivalent the information required under the provisions of the law of a non-member state.