CPI PROPERTY GROUP / LU0251710041
30.11.2023 - 08:00:10CPI PROPERTY GROUP – Signing of agreement concerning disposal of ski resort business in Crans Montana
| CPI PROPERTY GROUP / Key word(s): Disposal/Real Estate 30.11.2023 / 08:00 CET/CEST The issuer is solely responsible for the content of this announcement. CPI Property Group (société anonyme) 40, rue de la Vallée L-2661 Luxembourg R.C.S. Luxembourg: B 102 254 Press Release - Corporate News Luxembourg, 30 November 2023 CPI Property Group (“CPIPG”) is pleased to announce the signing of a binding agreement for the sale of approximately 84% of the shares of Remontées Mécaniques Crans Montana Aminona (CMA) SA, the company owning and operating the Crans Montana ski lifts, as well as several assets and properties relating to the on-mountain activities, including restaurant outlets and a ski school business. The gross transaction value is more than CHF 100 million, which represents a significant premium to book value. The entire mountain resort business was valued at EUR 51 million as at the end of June 2023. CPIPG expects to use the proceeds received to repay debt. The purchaser is Vail Resorts, Inc., the premier mountain resort company in the world listed on the New York Stock Exchange. The transaction is conditional upon several closing conditions to be fulfilled in the coming weeks. “CPIPG is proud to have contributed significantly to the positive development of Crans Montana over the past 10 years,” said David Greenbaum, CEO of CPIPG. “Vail Resorts is a talented ski resort operator, and we are certain that Crans Montana will thrive under their ownership." For further information, please contact: Investor Relations Moritz Mayer m.mayer@cpipg.com For more on CPI Property Group, visit our website: www.cpipg.com Follow us on Twitter (CPIPG_SA) and LinkedIn 30.11.2023 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.eqs-news.com |
| Language: | English |
| Company: | CPI PROPERTY GROUP |
| 40, rue de la Vallée | |
| L-2661 Luxembourg | |
| Luxemburg | |
| Phone: | +352 264 767 1 |
| Fax: | +352 264 767 67 |
| E-mail: | contact@cpipg.com |
| Internet: | www.cpipg.com |
| ISIN: | LU0251710041 |
| WKN: | A0JL4D |
| Listed: | Regulated Market in Frankfurt (General Standard); Regulated Unofficial Market in Dusseldorf, Stuttgart |
| EQS News ID: | 1784975 |
| End of News | EQS News Service |
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