CapMan Real Estate and Holiday Club Resorts Oy sign a letter of intent for four spa hotel projects
CapMan Press Release 18 January 2008 at 11.05 a.m.
CapMan Real Estate has today signed a letter of intent with Holiday Club Resorts Oy for the development of four spa hotel projects under consideration in the Nordic countries in the coming years. The planned resorts are located at Himos and Saimaa in Finland and Västervik and Öresund in Sweden.
CapMan Plc has today announced the establishment of a new private equity real estate fund investing in hotel real estate, CapMan Hotels RE Ky. At the same time the fund has acquired a portfolio of 39 hotel properties mostly in Finland. It is expected that the portfolio transaction will be finalised on 29 February 2008. The intention is to complement the acquired portfolio with new targets, to which today's letter of intent gives good prospects. The letter of intent applies to four substantial holiday resorts underway by Holiday Club Resorts Oy, located at Jämsä and Joutseno in the Himos and Saimaa holiday regions respectively in Finland and at Västervik and Öresund in Sweden. The resorts, when completed, will be upscale timeshare and spa resorts offering extensive leisure tourism opportunities year round.
For further information, please contact:
Markku Hietala, Head of CapMan Real Estate, Senior Partner, tel. +358 500 405 897
Vesa Tengman, President and CEO, Holiday Club Resorts Oy, tel. +358 500 421 515
CapMan is one of the leading alternative asset managers in the Nordic countries and manages Nordic funds with approximately EUR 3 billion in total capital. CapMan has four investment areas (CapMan Buyout, CapMan Technology, CapMan Life Science and CapMan Real Estate), and each of them has a dedicated team and funds. Altogether CapMan employs around 100 people in Helsinki, Stockholm, Copenhagen and Oslo. CapMan was established in 1989 and its B shares are listed on the Helsinki Stock Exchange since 2001.
Holiday Club Resorts Oy
Holiday Club Resorts Oy is Finland's leading provider of leisure tourism services and one of the biggest timeshare companies in Europe. Today Holiday Club operates at 19 holiday destinations, of which 16 are in Finland, two in Sweden (Åre and Ekerum) and one in Spain (Calahonda). The company will open Holiday Club St. Petersburg in spring 2008 and build new holiday resorts elsewhere in Russia, Finland and Sweden in the next few years. Holiday Club is a member of Resort Condominium International (RCI), the world's largest timeshare vacation exchange organisation.