Developer TUP Group will sell its Modena Park residential project in Poznan to Australian Opal Property Developments for 65 million PLN.
The sale will proceed in two stages. In the first stage, Opal will purchase 61 percent of Tanis Investments, a company that owns the Modena Park project, for 40 million PLN by March 31. Opal will then buy the remaining 39 percent of Tanis for 25 million PLN by Dec. 31 2009.
“This second stage of the transaction could be completed in cash or via a transfer of Opal shares to TUP,’ said TUP President Robert Jacek Moritz.

Source: Warsaw Voice