Resilient is unwinding its investment in the two Portuguese properties it owns with associate company Greenbay Properties. The group has been clearing up some cross-holdings following criticism by some investors who say the cross-holdings exist to manipulate share prices. Greenbay will buy Resilient’s 50% stake in Locaviseu-Sociedade, the holding company of Forum Coimbra and Forum Viseu, the owners of the Forum Coimbra and Forum Viseu shopping centres, respectively. They paid €219.25m for the Forum Coimbra and Forum Viseu shopping centres in a deal announced in March 2017. Independent valuations valued a 50% stake in the two shopping centres at €114.06m, Greenbay said on Tuesday. Greenbay will pay €66.4m for Resilient’s stake in Locaviseu-Sociedade, after deducting existing senior bank debt. Nedbank CIB analyst Len van Niekerk said: "Resilient is unwinding its co-investment in the two direct properties in Portugal that it has with Greenbay. "This is probably part of a general trend ...

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