South African investor MAS Real Estate has entered into to sell an office building in Scotland to Union Investment for €91 million. The company also agreed to sell a piece of development land in East Sussex for €20.8 million. MAS Real Estate wants to sell all of its remaining Western European assets and reinvest the proceeds in Central & Eastern Europe.
MAS Real Estate has previously announced a change in its investment strategy involving the disposal of Western European assets and redeployment of capital to more attractive investments CEE. The proceeds from the Scotland transaction after taxes and mandatory settlements of senior debt facilities will be redeployed in line with the above strategy.
Following the completion of these transactions, MAS will hold for sale Western European properties with a combined €126.9 million book value and €67.5 million outstanding secured bank debt on 31 December 2020.
