Valartis Group continues its strategic focusing and sells its participation in Eastern Property Holdings Ltd.
(Thomson Reuters ONE) -
Valartis Group AG /
Valartis Group continues its strategic focusing and sells its participation in
Eastern Property Holdings Ltd.
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The issuer is solely responsible for the content of this announcement.
By selling all of its shares in the associated company Eastern Property Holdings
Ltd. (EPH) to the Aurora Value Fund, Valartis Group has taken an important step
in pursuing its "Private Banking Plus" strategy initiated in 2008. Through its
subsidiary Valartis International Ltd., which will continue to manage EPH, a
real estate development company focusing on the Russian real estate market,
Valartis can continue to offer its product expertise for the future success of
EPH.
Valartis Group AG announces the sale of the shares in its associated company
Eastern Property Holdings Ltd. (EPH), in which it recently held a strategic
stake of approximately 40 per cent. The shares have been purchased by the
Liechtenstein-based Aurora Value Fund, which is managed by CAIAC Fund Management
AG in Bendern. This sale is part of the "Private Banking Plus" strategy
initiated in 2008 and is the next important milestone in focusing Valartis
Group's business activities on wealth management for wealthy private clients and
institutional investors.
Eastern Property Holdings Ltd. (EPH) is a property management company listed on
the Swiss stock exchange SIX Swiss Exchange with a focus on Russia. The company,
managed by Valartis International Ltd., a wholly-owned subsidiary of Valartis
Group AG, combines project development with the management of rented office,
residential and commercial properties in prime locations in Moscow and St.
Petersburg.
A sustainable investment
As part of the transaction, the Valartis Group disposes its entire position in
EPH and is expected to receive a total of approximately USD 110 million in cash
over a period of four years. This corresponds mostly to the valuation of the EPH
stake as shown in the 2011 Valartis Group Annual Report. The payments will be
received in several instalments and are partly linked to the successful
completion of current EPH development projects. Valartis Group receives CHF
56.8 million of the purchase price in cash immediately.
Valartis International Ltd. will continue to serve as the manager and
administrator of EPH for the next few years so that EPH as a real estate
development company can continue to use the industry and market expertise of
Valartis Group's experienced property specialists. Valartis Group will also
continue to be represented on EPH's Board of Directors.
"Our work for and commitment to EPH has proven to be very fruitful over the last
few years. The Aurora Value Fund is a strategic buyer, who appreciates this
development the same way as we do and who, like us, believes that EPH and its
property development projects have a positive future," says Gustav Stenbolt, CEO
of Valartis Group AG. "This sale of our participation allows us not only to
focus our resources more on our core business - traditional wealth management
and investment advisory for private and institutional clients - but also to
notably improve the risk profile of Valartis Group. At the same time, the
structuring of the transaction allows us to continue to provide our specific
experience to EPH and its positive development anticipated."
Development of niche investment products
The Valartis Group will also use its extensive property expertise and years of
experience in the performance-oriented management of client assets to develop
and promote other property-based niche investment products. "We will continue to
use our network of contacts around the globe and our proven expertise in the
successful implementation of promising property development projects to assist
our discerning private and institutional clients in their search for specific
real estate investment solutions and to create attractive niche investment
products for them," says Gustav Stenbolt.
If you have any questions, please contact:
Gustav Stenbolt, CEO Valartis Group AG
Tel. +41 43 336 81 11
Valartis Group - Private Banking Plus
Valartis Group is an internationally active banking and finance group with
offices in Zurich, Geneva, Lugano, Vienna, Liechtenstein, Luxembourg, Moscow,
and Singapore. The Group's holding company, Valartis Group AG, is domiciled in
Baar, canton of Zug, and is listed on the Swiss stock exchange SIX Swiss
Exchange.
Valartis Group focuses on the wealth management business for wealthy private
clients and institutional investors: "Private Banking Plus". In addition to
traditional wealth management and investment advisory, Valartis Group develops,
manages and markets innovative niche investment products and provides
specialised advisory and banking services within corporate and structured
finance. The Group's core markets include Central and Eastern Europe, the Middle
East and selected countries in North and South America as well as Asia.
Media Release (PDF):
http://hugin.info/143135/R/1666505/540871.pdf
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originality of the information contained therein.
Source: Valartis Group AG via Thomson Reuters ONE
[HUG#1666505]
Unternehmensinformation / Kurzprofil:
Datum: 20.12.2012 - 07:00 Uhr
Sprache: Deutsch
News-ID 214619
Anzahl Zeichen: 6355
contact information:
Town:
Baar ZG
Kategorie:
Business News
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"Valartis Group continues its strategic focusing and sells its participation in Eastern Property Holdings Ltd."
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