Danish English
Published: 2012-04-04 02:00:59 CEST
Tower Group A/S i likvidation
Company Announcement

Company release no. 5 / 2012 – Signing of sales agreement

The sales process, initiated by the Board of Tower Group A/S on 22 December 2011 – as described in Company release nr. 1, 25 January 2012, and Company release nr. 2, 7 March 2012 – has today resulted in the signing of a Sale and Purchase Agreement with FFIRE Investment GmbH (a 100% subsidiary of FFIRE Immobilien Verwaltung AG), acting in cooperation with GEWOBAG Wohnungsbau-Aktiengesellschaft Berlin, who is targeting to take over Tower Group A/S’ Berlin assets.

In the transaction, FFIRE Investment GmbH will purchase the offered assets targeted for sale for an undisclosed price, and will assume a total of EUR 129.9 million in liabilities. The proceeds from the transaction should allow for the orderly liquidation of Tower Group A/S and its various subsidiaries. Following the signing, both parties will be working to fulfill a number of conditions to closing, including reaching agreements with all the major creditors of the Company.

FFIRE Investment GmbH is a privately owned investment company specializing in distressed real estate transactions and in the management of their subsequent turnaround.

GEWOBAG Wohnungsbau-Aktiengesellschaft Berlin is a housing corporation owned by the City of Berlin, with 63,600 units in Berlin, and an additional 7,000 units under management for third-party owners.

  

Best regards

Tower Group A/S

 

Martin Coté

CEO                                                                                                                                                        

 

Questions regarding this release can be directed to Martin Coté, CEO, on tel.: +420 725 716 755.


FBM no 5 - 2012 - Signing of sales agreement FINAL.pdf