Hagag Europe Discloses €1.75 Million Purchase of Additional Property Use Rights in Romania

Hagag Europe disclosed on October 8 that its wholly owned Romanian subsidiary had exercised an option to acquire an additional 20% of the use rights in a building in the Herastrau neighborhood. The subsidiary paid €1.75 million in the agreement’s second stage. Following the option exercise and payment, its contractual rights, secured by first-ranking mortgages under Romanian law, increase to a maximum of €4.75 million. Operating profits and expenses will now be divided equally between the parties, under the second stage of the agreement.