Serbia’s Delta buys hotel Continental in Belgrade in a EUR 149m deal

Serbia’s NBGP Properties has purchased the properties owned by International CG (Genex) - including Hotel Continental in Belgrade - for nearly EUR 149m. The properties purchased include the hotel plus apartments, business facilities and tennis courts, covering a total of 72,225 sq m. NBGP Properties is part of Delta Real Estate, the leading real estate company in Serbia. The new owner is obliged to invest in the reconstruction of the assets within the next three years. NBGP Properties in co-operation with Intercontinental Hotel Group (IHG) plans to introduce the Crowne Plaza brand to Serbia. Delta Real Estate is also the leading shopping mall developer in Serbia and the region.