Orascom Development Holding AG / Key word(s): Miscellaneous/Miscellaneous
Orascom Development Holding AG: Eco-Bos Development Limited ('Eco-Bos'), a
subsidiary of Orascom Development Holding AG ('ODH'): secures £18 million to
kick-start its visionary 1,500 home project in Cornwall, UK, with unit sales
starting in June 2020.
20-May-2020 / 07:00 CET/CEST
Release of an ad hoc announcement pursuant to Art. 53 KR
The issuer is solely responsible for the content of this announcement.
Eco-Bos Development Limited ("Eco-Bos"), a subsidiary of Orascom Development
Holding AG ("ODH"): secures £18 million to kick-start its visionary 1,500
home project in Cornwall, UK, with unit sales starting in June 2020.
Altdorf, 20 May 2020 - Orascom Development Holding (AG) is pleased to
announce that Shawbrook Bank, a specialist SME lender in the United Kingdom
is financing the construction of its first phase of more than 1,500 energy
efficient homes in the sustainable West Carclaze Garden Village community
project near St Austell, Cornwall, UK.
Shawbrook has provided a peak debt funding facility of £18 million for the
first stage of the Garden Village project, involving the construction of 296
homes. In total, the overall project could see Shawbrook finance the
construction of 1,500 eco-friendly properties. Residential sales for the
project will commence in June 2020 and commercial sales will take place in
February 2021. This phase is planned to be delivered during Q3 2024 with
expected total sales of ca. £82 million (ca. CHF 99 million*). The project,
as previously announced, will be cash flow positive in 2020 and profitable
in 2022. Estimated cumulative losses before turning into profits, are within
the range of ca. £2.0mn - £3.0mn (ca. CHF 2.4 million - CHF 3.6 million) *
Additionally, Eco-Bos has signed a construction contract with Moor Manage
Ltd. as the main contractor of this project. Morcom Construction Ltd., the
groundworks contractor, started on-site in February with "official"
groundbreaking in March 2020. Phase 1 is anticipated to be completed in Q3
2024 and will comprise 296 homes adjoining two lakes, a 210-place primary
school, community facilities and 4 miles of trails. This first phase uses
196,604 m2 out of the total land bank under option of over 6.5 million m2.
*GBP/CHF rate used as of 12/5/2020.
About Eco-Bos Development Limited
Formed in 2010, Eco-Bos is a joint venture between Orascom Development
Holding (75%) and Imerys (25%), a minerals based specialist with a long
history in Cornwall and the West Country, to develop a series of residential
and tourism mixed-use projects in Cornwall on former industrial sites owned
by Imerys. Since 2010, Eco-Bos has had 20-year options on a total of 6.61
million m2 of land divided between six sites in Cornwall, UK. This exciting
partnership is dedicated to conscientiously creating unique new lifestyle
opportunities for communities with green infrastructure, homes, jobs and
Imerys is the world's leading supplier of mineral-based specialty solutions
for industry with €4.4 billion in revenue and 16,300 employees in 2019.
Imerys delivers high value-added, functional solutions to a great number of
sectors, from processing industries to consumer goods. The Group draws on
its understanding of applications, technological knowledge and expertise in
material science to deliver solutions by beneficiating its mineral
resources, synthetic minerals and formulations. Imerys' solutions contribute
essential properties to customers' products and their performance, including
heat resistance, hardness, conductivity, opacity, durability, purity,
lightness, filtration, absorption and water repellency. Imerys is determined
to develop responsibly, in particular by fostering the emergence of
environmentally friendly products and processes.
About Orascom Development Holding (ODH):
Orascom Development Holding (ODH) is a leading developer of fully integrated
destinations that include hotels, private villas and apartments, leisure
facilities such as golf courses, marinas and supporting infrastructure.
Orascom Development's diversified portfolio of destinations is spread over
seven jurisdictions (Egypt, UAE, Oman, Switzerland, Morocco, Montenegro and
United Kingdom), with primary focus on touristic destinations. The Group
currently operates nine destinations: four in Egypt (El Gouna, Taba Heights,
Fayoum and Makadi Heights), The Cove in the United Arab Emirates, Jebel
Sifah and Hawana Salalah in Oman, Luštica Bay in Montenegro and Andermatt in
Switzerland. The shares of Orascom Development Holding (ODH) are listed on
the SIX Swiss Exchange.
Contact for Investors:
Sara El Gawahergy
Head of Investor Relations & Strategic Projects Management
Tel: +202 246 18961
Tel: +41 418 74 17 11
Mob: +41 79 156 78 49
Contact for Media Relations:
Dynamics Group AG
Tel: +41 432 68 32 35
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End of ad hoc announcement