Henderson, NV, — via NEWMEDIAWIRE — READEN HOLDING CORP (RHCO.PK) announces that Readen Real Estate, a wholly-owned subsidiary of Readen Holding Corp., has finalised the sale of the Castle Estate Altembrouck in S. Gravenvoeren, Belgium, including the hotel operation.
READEN REAL ESTATE the property has been sold in two separate transactions. The first transaction being 44 acres of land has been sold to VERENIGING VOOR NATUURBEHEER NZW and the second part consisting of 60.000 sq. ft. property of Altembrouck has been sold to BRAVA HOLDING B.V.
The proceeds of these transactions will be utilised by Readen Real Estate in order to pay back the mortgage loan to Triodos Bank thereby lowering down the interest expenses as well as in addition the funds will be utilised to expand and strengthen the retail divisions of both Neckermann webshop and D5avenue.com.
Kok Wai Lee, the President of the company, quote: “The decision to sell Altembrouck is a part of the company’s future strategy to concentrate on its core business of online retail, consumer products distribution (food and non-food) and our agriculture division.”
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Readen Holding Corp.
Kok Wai Lee
+31 3562 99970