(36.29% of share capital through EXOR S.A.)




Almacantar made real estate investments of significant size in the central London area in the first half of 2011.

The consolidated results of the Almacantar Group in 2011 are the following:

£ milion Year 2011
Net rental revenues
Loss for the year
£ milion 12/31/2011
Net assets
Net financial position

The data relating to the previous period are not reported since the company became fully operational in the first half of 2011.

In 2011, the net assets of the Almacantar Group went from £0.99 million to £268.9 million. This figure reflects the first property investments made by the company funded by capital increases and bank loans.

The Almacantar Group made two real estate investments during the period, Centre Point and Marble Arch Tower, both located in the West End of London. These are mixed-use buildings (office and commercial use). The purchases were completed in April and June 2011, with investments, respectively, of £122 million and £80 million. In October 2011, Almacantar sold an interest equal to 25% of the capital of Centre Point to another investor.

The net rental revenues from the buildings amounting to £6.9 million were more than offset by financial expenses and administrative costs generating, in 2011, a loss of £4.3 million.

This result includes the negative fair value adjustments of the property investments for £1 million and derivative financial instruments for £2 million; net of such adjustments, the loss for the year 2011 would have been £1.2 million.

At December 31, 2011, the company’s share capital amounted to £275.7 million, of which £110.8 million was still to be paid by the shareholders.

The net financial position was a negative £20.6 million and consisted of bank debt of £88.1 million net of cash and financial receivables of £67.5 million.

In 2012 the company will focus its attention on the above initiatives while continuing to evaluate possible new investment opportunities.


Commercial Register No.64236277 Legal notes | Credits