MIG HOLDINGS S.A.
Completion of the acquisition of JSC Robne kue Beograd
The acquisition of the largest department store chain in Serbia, JSC Robne kue Beograd ('RKB') by Marfin Investment Group Holdings SA ('MIG') and Verano Motors d.o.o ('Verano') was completed today. As a result of the transaction, MIG has now acquired a 66.67% equity interest in RKB, subject to approval by the competition authorities. The participation of the MIG partly came from the share capital increase and the Athens Stock Exchange will be informed according to the Law.
As previously published, on 29 October 2007 Verano won the public auction for RKB, which was conducted by the Serbian Privatisation Agency, with a winning bid of euros 360 million. RKB has historically been the leading department store chain in the countries of the former Yugoslavia and among the largest chains across Europe. RKB owns a significant real estate portfolio comprising assets in some of the most attractive and central locations in all major cities across Serbia and Montenegro, with a total area of approximately 232,000 sq.m., and including:
- 32 department stores in Serbia (9 of which in Belgrade)
- 3 department stores and 1 warehouse facility in Montenegro
- 1 logistics centre and 1 business centre in Belgrade
RKB's real estate developments are ideally suited to accommodate a wide range of businesses such as retail stores for apparel, technology and telecom products, super markets, quick service restaurants, bank branches and offices. In that respect, MIG believes that significant synergies exist with MIG's other investments. MIG's portfolio companies that will seek to aggressively expand in the Serbian market, through the RKB platform, will be able to operate their distribution network on premium locations across the country. The acquisition of RKB represents one of the largest real estate transactions ever in Southeastern Europe and the largest acquisition in Serbia across all sectors for 2007.
Commenting on the transaction, the CEO of MIG Mr. Dennis Malamatinas made the following statement:
"Our participation in RKB marks our first investment in the countries of former Yugoslavia and the beginning of what we believe will be a most fruitful collaboration with Verano, one of the leading Serbian conglomerates, with a deep understanding of the market. We believe that the combined expertise of MIG, in executing complex transactions in the region, and of Verano, in managing and developing real estate portfolios, assures us that we will be able to fully realise the significant hidden value of RKB for the benefit of our shareholders. MIG is set to become the largest commercial real estate owner in Serbia and this provides us with the potential to realise substantial synergies with all companies where MIG has full or partial control and which are already present or plan to enter in the Serbian market. We are very enthusiastic about the prospects of the market and we hope that the acquisition of RKB is merely the first in a series of investments by MIG in the countries of the former Yugoslavia."
Commenting on the transaction, the Chairman of Verano Mr. Radomir Zivanic made the following statement:
"We are delighted to be announcing the completion of the acquisition of RKB, a company with historical significance for the people of Serbia. The attractiveness of the real estate assets makes this portfolio truly unique and impossible to replicate. Verano's long-standing experience in developing and managing commercial real estate property gives us comfort that we will be able to unlock the true value of RKB very quickly. We are also very excited to be partnering up with the largest investment holding company in Southeastern Europe and look forward to a very successful collaboration in the years to come."
About MIG
Marfin Investment Group Holdings S.A. (MIG) is an investment holding company based in Greece. The Company's aim is to deliver superior returns to shareholders, primarily by making private equity-type investments, as well as investments in privatisations and infrastructure projects in Southeastern Europe, the CIS, and surrounding regions.
Currently, MIG has holdings in market-leading Food & Beverage, Healthcare, IT, Telecommunications, Shipping, Hospitality and Tourism, Real Estate portfolios and Financial sector companies. MIG is listed on the Athens Stock Exchange.
About Verano
Verano Motors d.o.o. Belgrade is the leading member of the Verano Group (the 'Verano Group'), founded and owned by Radomir Zivanic. The Verano Group is a holding company of 25 separate entities, across a wide range of businesses including, inter alia, automotives, food, retail, real estate development and management. It is among the top 2 real estate developers and managers in the Serbian market, and is already the owner of a number of shopping centres and department stores in Belgrade.
As previously published, on 29 October 2007 Verano won the public auction for RKB, which was conducted by the Serbian Privatisation Agency, with a winning bid of euros 360 million. RKB has historically been the leading department store chain in the countries of the former Yugoslavia and among the largest chains across Europe. RKB owns a significant real estate portfolio comprising assets in some of the most attractive and central locations in all major cities across Serbia and Montenegro, with a total area of approximately 232,000 sq.m., and including:
- 32 department stores in Serbia (9 of which in Belgrade)
- 3 department stores and 1 warehouse facility in Montenegro
- 1 logistics centre and 1 business centre in Belgrade
RKB's real estate developments are ideally suited to accommodate a wide range of businesses such as retail stores for apparel, technology and telecom products, super markets, quick service restaurants, bank branches and offices. In that respect, MIG believes that significant synergies exist with MIG's other investments. MIG's portfolio companies that will seek to aggressively expand in the Serbian market, through the RKB platform, will be able to operate their distribution network on premium locations across the country. The acquisition of RKB represents one of the largest real estate transactions ever in Southeastern Europe and the largest acquisition in Serbia across all sectors for 2007.
Commenting on the transaction, the CEO of MIG Mr. Dennis Malamatinas made the following statement:
"Our participation in RKB marks our first investment in the countries of former Yugoslavia and the beginning of what we believe will be a most fruitful collaboration with Verano, one of the leading Serbian conglomerates, with a deep understanding of the market. We believe that the combined expertise of MIG, in executing complex transactions in the region, and of Verano, in managing and developing real estate portfolios, assures us that we will be able to fully realise the significant hidden value of RKB for the benefit of our shareholders. MIG is set to become the largest commercial real estate owner in Serbia and this provides us with the potential to realise substantial synergies with all companies where MIG has full or partial control and which are already present or plan to enter in the Serbian market. We are very enthusiastic about the prospects of the market and we hope that the acquisition of RKB is merely the first in a series of investments by MIG in the countries of the former Yugoslavia."
Commenting on the transaction, the Chairman of Verano Mr. Radomir Zivanic made the following statement:
"We are delighted to be announcing the completion of the acquisition of RKB, a company with historical significance for the people of Serbia. The attractiveness of the real estate assets makes this portfolio truly unique and impossible to replicate. Verano's long-standing experience in developing and managing commercial real estate property gives us comfort that we will be able to unlock the true value of RKB very quickly. We are also very excited to be partnering up with the largest investment holding company in Southeastern Europe and look forward to a very successful collaboration in the years to come."
About MIG
Marfin Investment Group Holdings S.A. (MIG) is an investment holding company based in Greece. The Company's aim is to deliver superior returns to shareholders, primarily by making private equity-type investments, as well as investments in privatisations and infrastructure projects in Southeastern Europe, the CIS, and surrounding regions.
Currently, MIG has holdings in market-leading Food & Beverage, Healthcare, IT, Telecommunications, Shipping, Hospitality and Tourism, Real Estate portfolios and Financial sector companies. MIG is listed on the Athens Stock Exchange.
About Verano
Verano Motors d.o.o. Belgrade is the leading member of the Verano Group (the 'Verano Group'), founded and owned by Radomir Zivanic. The Verano Group is a holding company of 25 separate entities, across a wide range of businesses including, inter alia, automotives, food, retail, real estate development and management. It is among the top 2 real estate developers and managers in the Serbian market, and is already the owner of a number of shopping centres and department stores in Belgrade.