On 31 May 2007, the transfer by Atenor Group of the President A, B and C companies to the German investment fund Commerz Grundbesitz Investmentgesellschaft (CGI) became effective.
The companies transferred have effectively obtained all the authorizations necessary for starting the construction work on the President property complex, which will include a total of almost 30,000 m² of office space and 330 m² of retail space.
Work will be started as of June 2007 and should be completed in January 2009.
CGI has paid a first part of the price of the President A, B and C shares and has repaid all of the debts of these companies, making it possible for the Atenor Group to increase its funding by €53 million and to reduce its consolidated debt by €15.5 million.
The balance of the shares price will be paid at the rate with which the work progresses, which Atenor continues to assume control of through its subsidiary company Atenor Group Luxembourg.
The operation will result in a minimum net profit of €80 million for Atenor Group, spread over the 2007 to 2009 financial years, and which could be increased according to the leasing of the property under construction.
At the present time, Atenor is studying various property reinvestment projects in Luxembourg and also in Belgium and abroad.
Source: Atenor
