Orascom Development Holding AG — Regulatory Filings 2012

Sep 16, 2012

News Details

Ad-hoc | 16 September 2012 17:59

Orascom Development sells all remaining apartments in The Chedi Andermatt

Orascom Development Holding AG / Key word(s): Disposal/Real Estate

16.09.2012 17:59

Release of an ad hoc announcement pursuant to Art. 53 KR

Press Release

Orascom Development sells all remaining apartments in The Chedi Andermatt

Orascom Development announces the sale of 73 apartments in The Chedi
Andermatt to Acuro Immobilien AG. From the 119 residential units in The
Chedi Andermatt now all apartments are sold except for 4 apartments that
had previously been reserved and 10 lofts and penthouses that remain with
Orascom Development. The base purchase price for the 73 sold apartments
amounts to CHF 122.7 million plus a variable pricing component from sales
proceeds. Orascom Development retains ownership of the Chedi Hotel which
will open as planned for the 2013/2014 winter season.

Altdorf/Cairo, 16 September 2012 - The Chedi Andermatt is Orascom
Development Holding AG's (Orascom Development) first hotel complex in
Switzerland which it is currently developing through its subsidiary
Andermatt Swiss Alps AG. The Chedi complex consists of a five-star superior
hotel with 50 hotel rooms as well as 106 apartments and 13 lofts and
penthouses.

Orascom Development today announces that Acuro Immobilien AG has purchased
73 apartments in The Chedi Andermatt. From the 119 residential units in The
Chedi Andermatt now all apartments are sold except for 4 apartments that
had previously been reserved and 10 lofts and penthouses that remain with
Orascom Development. In return for the sale of the 73 apartments, Orascom
Development receives a base purchase price of CHF 122.7 million and will
participate in future sales profits on the properties, if they surpass
certain agreed threshold levels. Title in the apartments will be
transferred to Acuro at closing of the asset deal in exchange for the
payment of around 50% of the purchase price. The remaining 50% will become
due and payable in pre-agreed installments according to the progress of the
construction works.

'Through the sale of the apartments we have achieved an important milestone
of the Chedi project which is an integral part of the Andermatt
destination. At the same time we have also strengthened our financial
position,' said Gerhard Niesslein, CEO of Orascom Development.

Acuro, a real estate investment vehicle that is managed by Swiss Finance &
Property AG and Orox Asset Management S.A., aims to sell the real estate
units over a maximum period of 7 years. Samih O. Sawiris, Chairman of the
Board of Directors and major shareholder of Orascom Development, and his
family invested into Acuro as an important minority shareholder.

Acuro will give the apartments into the rental pool and sell to end-users,
whereas Orascom Development remains responsible for the completion of the
construction works. The ownership of the Chedi Hotel will remain with
Orascom Development and the hotel will open for the 2013/2014 winter season
as previously announced.

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Information and Explaination of the Issuer to this News:

About Orascom Development Holding AG

Orascom Development 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 nine
jurisdictions (Egypt, UAE, Jordan, Oman, Switzerland, Morocco, Montenegro,
United Kingdom and Romania), with primary focus on touristic destinations
and budget housing. The Group currently operates six destinations; three in
Egypt El Gouna, Taba Heights and Haram City, The Cove in United Arab
Emirates and Jebel Sifah and Salalah Beach in Oman. Orascom Development has
a dual listing, with a primary listing on the SIX Swiss Exchange and a
secondary listing on the EGX Egyptian Exchange.

Investor Relations Contacts
Till Leisner
Head of Group Controlling & Investor Relations
Tel: +41 41 874 88 07
Email: Email: ir@orascomdh.com

Media Contact
Philippe Blangey
Tel: +41 41 874 17 11
Email: media@orascomdh.com

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Language: English
Company: Orascom Development Holding AG
Gotthardstraße 12
6460 Altdorf
Switzerland
Phone: +41 41 874 17 17
Fax: +41 41 874 17 07
E-mail: ir@orascomdh.com
Internet: www.orascomdh.com
ISIN: CH0038285679
Swiss Security Number: A0NJ37
Listed: SIX

End of Announcement EquityStory News-Service

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