Pepco will take over 29 leases of retail space in Austria from CCC
11:47
Pepco Poland and CCC concluded a framework agreement on the acquisition of 29 out of 46 lease agreements for retail space concluded by CCC Austria - both companies said in their announcements.
The intention of CCC and Pepco is to assign the rights to the leases concluded by CCC Austria to Pepco Austria GmbH, or alternatively, at the request of the lessor, to terminate the respective lease agreement concluded by CCC Austria and to conclude a new lease agreement by Pepco Austria.
The transaction is expected to be finalized by September 30, 2021. It is subject to the fulfillment of a number of conditions, including: finalization of the legal and operational due diligence process of the lease agreements, obtaining the required corporate approvals for the assignment of leases and approvals of the entities leasing space to CCC Austria.
By virtue of the assignment of the lease agreement or in connection with the termination of the respective lease agreement, Pepco Austria will not be obligated to pay any remuneration to CCC Austria, and furthermore CCC Austria will not be obligated to bear any costs towards the lessors of the retail space associated with the termination of the respective lease agreement.
In the case of 14 locations leased by CCC Austria, not included in the framework agreement, CCC will take action to terminate the leases. As for the remaining 3 CCC stores located in key locations, it is planned to replace them with HalfPrice flagship stores.
