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| Thursday, 27 December 2007, 17:08 HKT/SGT | |
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Source: Glitnir Bank | |
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Reykjavik and Oslo, Dec 27, 2007 - (ACN Newswire) - Bjarni Ármannsson, former CEO of Glitnir Bank, signed an agreement, after closing of market on Friday 21st of December, to buy 12% of Glitnir Property Holding (GPH), a subsidiary of Glitnir Bank, for ISK 970 million. Glitnir Bank's remaining share in Glitnir Property Holding after the transaction will be 48.8%. The agreement is subject to the approval of the Board of Directors of Glitnir Property Holding and the 21 partners making up the remainder of the shareholding in GPH.
Glitnir's gain from the sale of 12% share amounts to approximately ISK 300 million. Additionally, previously deferred capital gains of ISK 1.5 billion are realized as GPH will no longer be part of the consolidated accounts. According to the most recent transactions, the unrealized fair value gains of the share amounts to approximately ISK 1 billion.
Bjarni Ármannsson will be nominated to the board of Directors of GPH. Currently the Board consists of the following members: Lárus Welding, Alexander Guðmundsson, Morten Bjørnsen, Knut Marius Stokke, Bjørn Henningsen, Peter Leimdörfer, Petter Bjørnstad and Frank O. Reite, Chairman.
"I'm very pleased with this transaction. I have always been struck by the exceptional combination of creativity, drive and determination of the people working in GPH, which has given GPH unrivalled market recognition. I look forward to working with the other owners, management and employees to further develop the business into a leading player in the commercial real estate advisory sector, including its investment management segment," says Bjarni Ármannsson.
"We are very pleased to have Bjarni Ármannsson on board. Together with Frank Reite, he was instrumental in setting up Glitnir's real estate business and developing it into Glitnir Property Holding in early 2007. Glitnir will continue to be a shareholder and support GPH, as we foresee good potential to create further value for Glitnir's shareholders", says Lárus Welding, CEO of Glitnir Bank.
About Glitnir Property Holding
Glitnir Property Holding (GPH) is a leading Nordic based commercial real estate adviser, focusing on transaction advisory, investment management, syndication and financing advisory services. GPH is a holding company owned by Glitnir Bank (48.8%) and other active partners (51.2%) when latest transaction taken into the account. GPH owns 100% of the shares in Glitnir Property Group AS (GPG), 100% in BSA AS and 90% in Leimdörfer Holding AB.
GPG owns Glitnir Norsk Næringsmegling AS, Union Eiendomskapital AS and Glitnir Real estate AS. Glitnir Norsk Næringsmegling is the leading Norwegian commercial property advisory firm, and acted as adviser in transactions with a total value of more than EUR 1.5 billion in 2006. Union Eiendomskapital is a leading investment management firm that focuses on structuring, financing and managing real estate projects, and has a total of approx. EUR 1.2 billion in property assets under management.
GPH has offices in Oslo, Stockholm, Helsinki and Frankfurt with 84 employees.
Contact:
Lárus Welding,
CEO Glitnir
Tel: +47 47 800 100
Frank O. Reite,
Chairman, Glitnir Property Holding
Mobile: +47 915 80 604
Bjarni Ármannson,
Incoming investor in Glitnir Property Holding
Mobile +354 844 4002
Bjørn Richard Johansen,
Managing Director, Corporate Communication, Glitnir
E-mail: brj@glitnir.no
Mobile +47 47 800 100
Topic: Corporate Announcement
Source: Glitnir Bank
http://www.acnnewswire.com
From the Asia Corporate News Network
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