PANDOX SELLS THE SCANDIC ANTWERP TO VAN DER VALK

Swedish group Pandox has entered into an agreement to sell the shares in the entity that owns the Scandic Antwerp in Belgium to Netherlands-based chain Van der Valk. Pandox will receive net proceeds of €13.6 million (€66,700 per room) after deduction for deferred tax, based on an underlying property value of €16 million which is in line with the company's most recent valuation. The 204-room hotel is situated in a secondary location two and a half kilometres from Antwerp city centre.

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