Swiss property company Jelmoli said on Friday that it has closed the acquisition of the remaining 55.5% stake in Tivona AG for CHF 60 mln (EUR 40 mln) in cash and 80,000 Jelmoli shares. All closing conditions have been fulfilled and Tivona will be fully consolidated with immediate effect, the company said.
Swiss property company Jelmoli said on Friday that it has closed the acquisition of the remaining 55.5% stake in Tivona AG for CHF 60 mln (EUR 40 mln) in cash and 80,000 Jelmoli shares. All closing conditions have been fulfilled and Tivona will be fully consolidated with immediate effect, the company said.
Jelmoli first announced the acquisition in January 2009 and said as a result of the agreement, all outstanding claims and counterclaims between the parties would be settled.
Tivona, headquartered in Basel, has a real estate portfolio comprising 32 properties and development projects with a market value of approximately CHF 900 mln. The firm is primarily focused on retail properties, with over 80% of the total market value of its portfolio resulting from six largest properties and projects. All required investments in the current development projects are fully financed, Jelmoli added.
Jelmoli said Tivona's strong presence in the Basel region will allow it to expand its portfolio across the country, which is now mostly exposed to the Zurich and Geneva areas. Tivona, with total debt of around CHF 500 mln, expects to complete the development of the Stucki Shopping Center, the largest shopping centre in the Basel region, in September 2009.
