News

Privatisation of ICG /Genex, Republic of Serbia

Horwath HTL as the one of consortium advisors in the process of Privatisation of ICG Genex is pleased to announce successful sale of asset in New Belgrade, which includes following assets:

• Hotel Continental is a ten-story building (plus the ground level and a basement). The building and property encompass a total area of 31.453 m2 and 6.041m2, respectively. The parcel of land is located on cadastre 2828/2 KO New Belgrade.
• CG Apartments is an eight storey building, (plus the ground level and penthouse), with a total area of 31.877 m2 that primarily includes residential apartments and office space. The structure is located on the parcel of land, cadastre 2324 KO New Belgrade that covers 4.759 m2.
• Office space (“Mala Kula”) is a seven story building, not including the ground level, mezzanine, and penthouse with a total area of 9.892 m2. The structure is located on the parcel of land, cadastre 2324 KO New Belgrade.
• Tennis Courts: The total area of the tennis courts is around 5.529 m2, while the total area of the land is 2.651 m2, which is located on the cadastre parcel 2326 KO New Belgrade.
• Power Relay: Utility building is a facility with a total area of around 3.396 м² and is located on a parcel of land with an area of 714 м² , cadastre 2325 КО New Belgrade;

Bidder at the public tender for Belgrade assets in Belgrade were Starwood Hotel Management together with Cyprus based company Armini Enterprises Company (members of Greek company Lampse), consortium Barcelo Hotels&Resorts and Company of Filip Cepter i Miodrag Kostić Aida Asset Association from Lichtenstein and Global Real Estate&Investment from Belgrade, and Consortium Intercontinental Hotel Group and Company of Miroslav Mišković - NBG Properties from Belgrade, that purchased the assets.

New tender for sale of assets in Kopaonik is planned until the end of May 2008

The assets in Kopaonik include as follows:

• Hotel Grand : total area of 18.237 м² and is located on a parcel of land that covers a total area of 7.060 м², cadastre 4/20 KO Kopaonik
• Hotel “Suncani Vrhovi” (“Konaci Apartments”) consists of 6 interconnected pavilions with a total area of 29.635 м². The hotel is located on a parcel of land that covers a total area of 6.475 м², cadastre 4/20 KO Kopaonik;
• Residential units on Kopaonik and in Raska : 106 residential units with a total area of around 2,930 м²;
• Restaurant „Zvrk“

This would mark the end of first phase of Privatisation of Genex and ICG that should be followed by the sale of remaining assets of these companies.