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EQS-Adhoc: Orascom Development Holding AG: Eco-Bos Development Limited ('Eco-Bos'), a subsidiary of Orascom Development Holding AG ('ODH'): secures GBP18 million to kick-start its visionary 1,500 home project in Cornwall, UK, with unit sales starting in J
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EQS Group-Ad-hoc: Orascom Development Holding AG / Key word(s):
Orascom Development Holding AG: Eco-Bos Development Limited ('Eco-Bos'), a
subsidiary of Orascom Development Holding AG ('ODH'): secures GBP18 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 GBP18 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 GBP18 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. GBP82 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. GBP2.0mn - GBP3.0mn (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
*About Imerys *
Imerys is the world's leading supplier of mineral-based specialty solutions
for industry with &euro4.4 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, Lustica 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
*Disclaimer & Cautionary Statement*
The information contained in this e-mail, its attachment and in any link to
our website indicated herein is not for use within any country or
jurisdiction or by any persons where such use would constitute a violation
of law. If this applies to you, you are not authorized to access or use any
such information. Certain statements in this e-mail and the attached news
release may be forward-looking statements, including, but not limited to,
statements that are predications of or indicate future events, trends, plans
or objectives. Forward-looking statements include statements regarding our
targeted profit improvement, return on equity targets, expense reductions,
pricing conditions, dividend policy and underwriting claims improvements.
Undue reliance should not be placed on such statements because, by their
nature, they are subject to known and unknown risks and uncertainties and
can be affected by other factors that could cause actual results and Orascom
Development Holding's plans and objectives to differ materially from those
expressed or implied in the forward-looking statements (or from past
results). Factors such as (i) general economic conditions and competitive
factors, particularly in our key markets; (ii) performance of financial
markets; (iii) levels of interest rates and currency exchange rates; and
(vii) changes in laws and regulations and in the policies of regulators may
have a direct bearing on Orascom Development Holding's results of operations
and on whether Orascom Development Holding will achieve its targets. Orascom
Development Holding undertakes no obligation to publicly update or revise
any of these forward-looking statements, whether to reflect new information,
future events or circumstances or otherwise. It should further be noted that
past performance is not a guide to future performance. Please also note that
interim results are not necessarily indicative of the full-year results.
Persons requiring advice should consult an independent adviser.
End of ad hoc announcement
Company: Orascom Development Holding AG
Phone: +41 41 874 17 17
Fax: +41 41 874 17 07
Listed: SIX Swiss Exchange
EQS News ID: 1051279
End of Announcement EQS Group News Service
1051279 20-May-2020 CET/CEST
(END) Dow Jones Newswires
May 20, 2020 01:00 ET ( 05:00 GMT)
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