Orascom Development Sells All Remaining Apartments In The Chedi Andermatt
The Chedi Andermatt is Orascom Development Holding AG’s (ODHN) first hotel complex in Switzerland which it is currently developing through its subsidiary Andermatt Swiss Alps AG. The Chedi complex consists of a five-star superior hotel with 50 hotel rooms as well as 106 apartments and 13 lofts and penthouses.
Orascom Development today announces that Acuro Immobilien AG has purchased 73 apartments in The Chedi Andermatt.
From the 119 residential units in The Chedi Andermatt now all apartments are sold except for 4 apartments that had previously been reserved and 10 lofts and penthouses that remain with Orascom Development. In return for the sale of the 73 apartments, Orascom Development receives a base purchase price of CHF 122.7 million and will participate in future sales profits on the properties, if they surpass certain agreed threshold levels.
Title in the apartments will be transferred to Acuro at closing of the asset deal in exchange for the payment of around 50% of the purchase price. The remaining 50% will become due and payable in pre-agreed installments according to the progress of the construction works.
‘Through the sale of the apartments we have achieved an important milestone of the Chedi project which is an integral part of the Andermatt destination.
At the same time we have also strengthened our financial position,’ said Gerhard Niesslein, CEO of Orascom Development.
Acuro, a real estate investment vehicle that is managed by Swiss Finance & Property AG and Orox Asset Management S.A., aims to sell the real estate units over a maximum period of 7 years.
Samih O. Sawiris, Chairman of the Board of Directors and major shareholder of Orascom Development, and his family invested into Acuro as an important minority shareholder.
Acuro will give the apartments into the rental pool and sell to end- users,whereas Orascom Development remains responsible for the completion of the construction works.
The ownership of the Chedi Hotel will remain with Orascom Development and the hotel will open for the 2013/2014 winter season as previously announced.
Press Release
