AZ pension funds and Valamar Riviera agree to continue strategic investments in Croatian tourism through the second phase of recapitalization Imperial Riviera in the amount of HRK 689 million which will be realized after the approval of the General Assembly of the Imperial Riviera convened for September 10, 2021.
In 2019, AZ pension funds and Valamar Riviera successfully completed the merger of Hoteli Makarska and the first phase of the recapitalization of Imperial Riviera, and made investments in the reconstruction of Hotel Parentino in Poreč, Hotel Meteor in Makarska and premium camping Padova on Rab.
The new capital increase is intended for further development of the tourist portfolio, including the reconstruction of two existing hotels and the construction of two new high-category hotels in Dubrovnik, Makarska and on the island of Rab, according to the Imperial Riviera.
Following the implementation of the share capital increase procedure in accordance with the relevant regulations, Valamar will hold 46,27% and AZ pension funds will hold 48,85% of Imperial shares.
"The second phase of the increase in the capital of Valamar and AZ pension funds in Imperial is a logical continuation of the previous successful cooperation and the initial investment plan in Croatian tourism. We believe in the rapid recovery of Croatian holiday tourism from the crisis. This time should be used for the preparation of investments in order to accelerate the realization of investments when the conditions are met for the purpose of normalization and return to the development phase of business." He said Željko Kukurin, CEO of Valamar Riviere.
Christian Buk, President of the Management Board of Allianz ZB Mandatory and Voluntary Pension Fund Management Company, emphasized that Imperial Riviera, with a diverse offer of facilities and capacities in destinations from the north to the extreme south of our coast, covers a wide market, and this additional investment will and further diversify. "Continuation of cooperation with Valamar and this additional investment is a strategic determinant of AZ pension funds that are actively seeking investment opportunities in the Croatian economy and projects that meet high standards of corporate governance and bring good returns for long-term members of funds managed by the company.. "
Recall, Imperial Riviera is one of the five leading tourist companies in Croatia with a portfolio in the destinations of the island of Rab, Poreč and Makarska, and with this recapitalization it is expanding to Dubrovnik. Since 2016, Valamar has been in charge of managing the tourism business of the entire tourism portfolio of Imperial Riviere dd.
Photo: Valamar Meteor Hotel