Administrative property management business is sold
D i e t l i k o n, 29 May 2008 - In line with its strategy of focusing on profitable core activities along the whole value chain, Implenia, the leading Swiss construction services company, will in future concentrate its post-construction activities mainly on technical facility management, which is handled by Reuss Group. It is withdrawing from the administrative management of property, a business that is subject to intense competition in an atomized market. Until now the company has carried out this type of business through Privera AG, but it was not one of Implenia's core competences. Consequently, Implenia is selling Privera Group to Bugena SA, an investment company based in Western Switzerland that is owned by Claude Berda. The purchase price is CHF 27.2 million. The transaction is in cash and is effective retrospectively from 1 January 2008. The company will use these funds to improve its financial flexibility. The new shareholder in the Privera Group is taking over all contracts with customers and employees and has expressed confidence in the existing management. The Privera Group looks after around 3,500 residential and commercial properties throughout Switzerland, employs 300 people and has around 900 janitors under contract.In future, Implenia will use its Real Estate Division to carry out the sale of projects it develops. Implenia expects the disposal of its low-margin property administration business to have a positive effect on the group's average margin. «With its new owner the Privera Group is now in the best possible hands. Meanwhile, Implenia's concentration on sophisticated technical real estate management, which is one of our core competences, will create sustained added value for the company,» says CEO Christian Bubb about the transaction.
Contact:
Implenia AG
Christian Bubb, CEO
Tel: +41 44 805 45 55
E-mail: christian.bubb@implenia.com