Pepco Group will take over 29 lease contracts in Austria from CCC

CCC has concluded a framework agreement with Pepco Poland for the takeover of 29 out of 46 commercial space lease agreements concluded by CCC Austria Ges.m.b.H, the companies said.

"The intention of the issuer and Pepco is the assignment of the rights to the lease agreements concluded by CCC Austria to Pepco Austria GmbH or, alternatively, at the request of the landlord, termination of the lease agreement concluded by CCC Austria and the conclusion of a new lease agreement by Pepco Austria. The transaction is to be finalized by 30 September 2021," according to the CCC anouncement.

The transaction is conditional on the fulfillment of a number of conditions, including: finalization of the legal and operational due diligence process of lease agreements, obtaining the required corporate consents for the assignment of lease agreements and consents of entities leasing space to CCC Austria.

Due to the assignment of the lease agreement or in connection with the termination of the lease agreement, Pepco Austria will not be obliged to pay remuneration to CCC Austria, and CCC Austria will not be obliged to bear the costs to the lessors of commercial space related to the end of the lease agreement also.

In the case of 14 locations leased by CCC Austria, not covered by the framework agreement, CCC will take steps to terminate the lease agreements. With regard to the remaining 3 CCC stores located in key locations, it is planned to convert them to HalfPrice flagship stores.

Austria will be the 17th country where Pepco Group is present and the 15th market for the Pepco brand.

"The recent months have been a successful entry of the Pepco chain on the Italian and Spanish markets. The contract signed today confirms our full confidence in the competitive offer that Pepco provides to consumers all over Europe," commented general manager Andy Bond, quoted in the Pepco Group statement.

Source: ISBnews