Bloomberg

Credit des Alpes Forms Property Venture With Miami Firms

Swiss bank Credit des Alpes SA said it formed a real estate venture with three Miami companies as the U.S. housing market recovers.
Credit des Alpes will partner with Domus One Group LLC, Parinvest Asset Management and Location 3 LLC for property developments in the U.S. and beyond, the company said in an e-mailed statement today. The venture, to be called Credit des Alpes Partners, will include a subsidiary that will act as an agent and property manager, according to the statement.
Financial terms weren’t disclosed.
The U.S. housing market is rebounding as growth picks up in the world’s largest economy. American builders in November started work on more houses than at any point in the previous five years, according to the U.S. Commerce Department.

2014-01-16 Bloomberg

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Bloomberg

Miami Condo Market Keeps Global Appeal; Safety, Profits, Attract Overseas Investment

Miami is one of the safest and most attractive global cities for overseas condominium purchases, and the largest group of investors come from Brazil, according to industry experts.
Internationally-based investment bank Credit des Alpes saw fit to acquire an interest in Miami-based Parinvest Group, which provides residential and commercial property sales and asset management services to foreign investors. In a Sept. 4 statement, Fabrizio
Cerina, the bank’s chairman, said ‘‘Certain areas of the U.S. real estate market are, and will continue to be, safe and sound investments, providing significant prospects
for capital gains. We have seen a strong increase in interest from our Latin American client base and we expect this trend to continue.’’
Cerina, who spoke to BNA Sept. 7, said that many condominiums in Miami allow a reasonable expectation of capital gain. ‘‘Real estate in the Miami beach area
presents a good yield—even after taxes and fees. The investments can yield a steady five to six percent net.’’

High Net Worth Individuals. Cerina referenced Citibank’s 2012 Wealth Report, which cited Miami, where prime property values rose 19 percent last year, as a good example of a location that experienced double-digit growth in 2011. This was fueled, the report
said, by the flight of capital by high net worth individuals (HNWI) who found favorable exchange rates during the credit crunch. ‘‘Citibank includes Miami among the
10 most interesting cities [for investment] in the world,’’ Cerina said. ‘‘And I agree with that.’’

Cerina said that Brazilians were the biggest drivers of overseas condominium investment, followed by other South American countries, followed then by Europeans.
Surprisingly, his strongest European investors have been Italians, rather than Germans.
Cerina’s main neighborhood of interest lies in Miami Beach, rather than the city’s downtown. ‘‘Miami Beach is still very unique and that is the real draw,’’ Cerina
said. ‘‘In real estate you always want to make sure that whatever you buy can’t be diluted as an investment. The investment shouldn’t be something that can be repro-
duced indefinitely.’’

Familiar Places. Selected emerging economies, according to the Citibank report, will be surpassing the developed world in gains in global mega-wealth, but as far as choosing a home is concerned, ‘‘it’s the familiar places that are still drawing the super-rich.’’ One of Parinvest’s core activities has been handling the property investments of prominent Central, South American, and European families.
Asked about the biggest dangers for overseas investors in Miami commercial real estate, Cerina named the possibility of excessive taxation. ‘‘I hope politicians don’t overdo it and kill the golden egg,’’ he said. The Foreign Investment in Real Property Tax Act (FIRPTA),
he said, is a bad idea at the present time. His other concern is a chronic real estate dilemma, where everybody wants to sell the same thing at the same time. Cerina
said that during the worst times of 2008, 2009, and 2010 condo units performed consistently well above market conditions. ‘‘The liquidity has always been there and
market volatility has been high, but it normalized very quickly. Market volatility has never been [deemed] unacceptable by prudent investors.’’

2012-09-18 Bloomberg

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Bloomberg

Credit Des Alpes Acquires Interest in Parinvest Group

Swiss investment bank Credit des Alpes agreed to acquire an interest in Parinvest Group, a Miami- based real estate broker and asset manager.
The transaction will lead to the creation of a new company, Parinvest Asset Management Inc., that will provide property sales and asset management services to foreign investors in Miami, Los Angeles and New York, Credit des Alpes said in an e- mailed statement. Financial terms of the deal, which the firm said would help it access investment opportunities for Latin American clients, were not disclosed.
“Certain areas of the U.S. real estate market are, and will continue to be, safe and sound investments,”
Credit des Alpes chairman Fabrizio Cerina said in the statement. “We have seen a strong increase in interest from our Latin American client base and we expect this trend to continue.”
Credit des Alpes and Parinvest have been collaborating to advise clients on Miami property transactions since 2007, according to the statement.

2012-09-01 Bloomberg

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L’Agefi

Crédit des Alpes: Vivendi buys GVT of Brazil

Telecom group GVT of Brazil, listed at Bovespa, has been the object of a bidding competition between Vivendi and Telefonica. Geneva-based group Crédit des Alpes advised GVT’s majority shareholders’ allowing them to close the transaction and Vivendi to take it away from Telefonica (while also establishing a foothold in Latin America). Vivendi acquired in a first stage a 37.9% share in GVT equity, together with an irrevocable option to buy a further 19.6% at a price of 32 dollars per share, which valued GVT 4.2 billion dollars (a valuation considerably higher than Telefonica’s initial bid). Vivendi, with investments in the communication and entertainment industries controls, among the others, Activision Blizzard, Universal Music Group, SFR, Maroc Telecom Group, Canal+ Group. In 2008 Vivendi achieved revenues of €25.4 billion and adjusted net income of €2.7 billion. With operations in 77 countries it has about 43,000 employees. GVT is the Brazilian telecom company with the highest rate of growth which offers a variety of solutions in traditional as well as non-traditional telecommunications, internet-related services and pay TV. In fiscal year ended June 30 2009 GVT had sales of 800 million dollars and adjusted EBITDA of 300 million.

2009-12-03 Agefi

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Bloomberg

Crédit des Alpes originated this transaction and advised GVT’s majority shareholders
Vivendi Gains Control of GVT, Trumping Telefonica

Nov. 13 (Bloomberg) — Vivendi SA, owner of the world’s largest music company, gained control of GVT (Holding) SA by purchasing a majority stake and began a mandatory bid for the rest of the shares, trumping a competing offer by Telefonica SA. The bid of 56 Brazilian reais a share values the company at 7.2 billion reais ($4.18 billion). Paris-based Vivendi said in a Web site announcement today it holds stock and options amounting to a 58 percent stake in the target company. ”The acquisition of GVT is totally aligned with our strategy of secular expansion in rapid growth economies,” Chief Executive Officer Jean-Bernard Levy said in the statement. ”As it did some years ago in Morocco, Vivendi is committing itself to a large and lasting investment in Brazil, which both in the short and longer term will create value for our shareholders.” Vivendi owns Maroc Telecom, French mobile-phone operator SFR and the world’s largest music company. The company is considering the sale of its stake in NBC Universal, the U.S. media company controlled by General Electric Co. Levy has labeled that business a “non-core” asset.
”It was a price much higher than Vivendi’s initial offer and also much higher than what I consider a fair price,” said Alex Pardellas, a Banif Corretora analyst in Sao Paulo. ”They are paying a premium to set foot in the country.” Vivendi said in the statement it purchased 37.9 percent of GVT’s outstanding voting share capital, and has a right to buy 19.6 percent more through call options, giving it almost 58 percent of GVT. Out of the Game
The company acquired the stakes of GVT’s controlling shareholders Global Village Telecom (Holland) BV and Swarth Group, as well as shares from smaller investors. Under Brazilian law, Vivendi filed a mandatory tender offer for GVT due to its purchase of the controlling stake, according to the statement. Unlike Vivendi, Madrid-based Telefonica is already a major player in Brazil, the company’s second-biggest market after Spain. Its Telesp – Telecomunicacoes de Sao Paulo SA unit has a 27.6 percent market share for fixed-line services, according to data from IHS Global Insight, a market intelligence firm. It also holds 50 percent of Vivo Participacoes SA, Brazil’s largest wireless carrier, with Portugal Telecom SGPS SA.
GVT, which has 2.5 percent of the fixed-line market, offered regional cost savings to Telefonica. ”Telesp can now expect more competition as GVT expands into Sao Paulo,” Rizwan Ali, head of research at Deutsche Bank AG, wrote in a note to clients. ”Vivendi’s entry in the Brazilian telecom sector will also fuel speculation as to what else it can buy to offer a full menu of services.”

Best Offer
Telefonica, Europe’s second-largest phone company, offered to buy GVT shares for 50.50 reais each, 20 percent more than an initial 42-real offer Vivendi put out Sept. 8.
The bid was ”the highest price we could offer considering synergies between Telefonica and GVT,” Antonio Carlos Valente, CEO of Telefonica’s unit in Brazil, said after Vivendi’s announcement.
The Spanish company also said in an e-mail Brazil is a ”highly strategic market” for the company and it is still looking for opportunities in the country.
Vivendi rose 19 cents to 19.81 euros today in Paris. The stock has lost 15 percent this year. GVT closed at 53.34 reais in Brazil, surging 47 percent since Vivendi’s first offer.
Brazil’s telecommunications agency, known as Anatel, cleared the way for both Vivendi or Telefonica to buy GVT yesterday, while setting conditions for the Spanish company. Restrictions weren’t set on a Vivendi-GVT deal because the French company doesn’t operate in Brazil yet.

Public Scrutiny
A transaction led by Telefonica was also under a public consultation opened by Sao Paulo’s federal prosecutor’s office. The government wanted public input on whether a purchase would affect the company’s ability to invest in its Brazilian network and services. Anatel in June blocked Telesp from selling its high-speed Internet service after four system failures in the past year halted operations in private and public services including police stations and schools. Telesp was prohibited from selling its Speedy service for two months.
GVT emerged in 1999 during Brazil’s privatization of the telecommunications industry. CEO Amos Genish and Chairman Shaul Shani helped the carrier outpace growth at its older rivals by focusing on customers and businesses willing to pay for faster Internet service. The carrier was formed as the government auctioned its stake in an international carrier and in three fixed-lines companies, each one operating in a different region. Brazil then auctioned licenses to create the so-called mirror operators to compete with the former state-controlled carriers.
GVT paid 100,000 reais for its license in August 1999 to operate in the same 10 states as Brasil Telecom SA while Telefonica bought Telecomunicacoes de Sao Paulo SA to operate in Sao Paulo, the most populous state. GVT, Brazil’s fourth-biggest high-speed Internet provider, has a 15,000-kilometer (9,300-mile) fiber-optic network.

About Vivendi
A world leader in communications and entertainment, Vivendi controls Activision Blizzard (#1 in video games worldwide), Universal Music Group (#1 in music worldwide), SFR (#2 in mobile and fixed telecom in France), Maroc Telecom Group (#1 in mobile and fixed telecom in Morocco), Canal+ Group (#1 in pay-TV in France) and owns 20% of NBCU (leading U.S. media and entertainment group). In 2008, Vivendi achieved revenues of €25.4 billion and adjusted net income of €2.7 billion. With operations in 77 countries, the Group has about 43,000 employees.
www.vivendi.com

About GVT
GVT is the most well-recognized alternative to the fixed-line incumbents in the Brazilian market and the fastest growing telecommunications services provider in Brazil. GVT offers a diversified portfolio of solutions for conventional and VoIP telephony, corporate data, broadband, Internet services and pay TV. GVT’s net revenues and Adjusted EBITDA for the twelve-month period ended June 30, 2009 were R$1,495.0 million (about 800 million USD) and R$574.1 million (about 300 million USD), respectively. For the period from 2006 to 2008, GVT generated compounded annual growth rates of 31.1% for net revenues and an increase of 40.2% in Adjusted EBITDA, recording an Adjusted EBITDA margin of 38.0% in the first half of 2009. As of June 30, 2009, GVT had approximately 2.3 million lines in service (including voice, broadband, data and VoIP services). GVT is traded on the Brazilian BOVESPA under the symbol GVTT3.SA.
www.gvt.com.br

About Crédit des Alpes
Crédit des Alpes is a financial services group with over 25 years experience, specialising in sourcing and financing exclusive investment opportunities for institutional and corporate clients. Through its subsidiaries it also advises and co-invests in real-estate and private equity transactions. First established in Switzerland, Crédit des Alpes now operates throughout the world, and has executed transactions in numerous jurisdictions, in particular the United States, the United Kingdom, South America and Russia.
www.creditdesalpes.com

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Giornale del Popolo

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Crédit des Alpes: ”Business with Russians but not only in Russia”

The Russian giant Severstal Metiz has bought the Gardone Valtrompia plant of Redaelli Tecna, a leading producer of steel wire ropes (former Lucchini group). The company was sold this August by Crédit des Alpes (with offices in Geneva and Lugano) which is controlled by the Swiss-Italian financier Fabrizio Cerina who had bought the plant in 2000. The Russians are extremely active in the raw material sector where they seem to be laying down the law. ”This is why,” says Fabrizio Cerina (picture) ”after careful consideration, I came to the conclusion that it is better to do business with them rather than come off worst in an unequal struggle. However, our investment wasn’t a short-term speculation, since eight years in the industrial sector is no mean achievement,” admits Cerina. On the other front, Crédit des Alpes is specialising in Private Equity operations. Again Fabrizio Cerina, together with the Cipriani group as the major shareholder, has wrapped up one of the largest property deals ($250m) on the American market by selling the Saxony Hotel of South Beach, Miami. Once more the Russians are the buyers. The huge hotel has by the way been leased back by Cipriani. Thanks to the hike in raw material prices and although the Russian market has been suffering recently as a result of the conflict with Georgia, the Russian tycoons are nonetheless among those with the most ready money and capital resources, confides Cerina, a fact that is also confirmed by their many acquisitions on the Swiss property market.

2008-09-13 Giornale del Popolo

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Il Sole 24 Ore

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Cipriani in South Beach with Crédit des Alpes

Cipriani buys a hotel in Miami, with the help of a Swiss Bank. It might seem complicated, but it is not. The Venice-rooted group led by Arrigo Cipriani and by his son Giuseppe, is now adding hotels to the restaurant business. In that context, they acquired the Saxony Hotel at South Beach in a USD 250 million maxi-deal. The Saxony will be restructured and will reopen at the end of 2009, with the Cipriani Ocean Resort and Club Residences flag. Crédit des Alpes, the international banking group with branches in Geneva and Lugano headed by Fabrizio Cerina directed the operation. Cerina’s bank is also a partner of the Cipriani’s, as the second main shareholder, in the Cipriani London, the fashionable restaurant in the English capital.

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The Independent

Florida hotel added to Cipriani empire

The Cipriani empire of luxury hotels and exclusive restaurants is set to expand in the US, after the group completed the largest property deal in Miami over the past 12 months.

In the UK, the Cipriani name is best known for its upmarket restaurant in Mayfair, famed for celebrity clientele including David Beckham and Naomi Campbell. The restaurant’s parent company, the Cipriani Group, runs eateries from Hong Kong to Buenos Aires.

At the end of December, a group of private investors teamed up with the company to buy the Saxony Hotel in South Beach, Miami. The deal, which has now been completed through a sale and leaseback venture, is understood to be worth about $250m (£127m). It was the largest property transaction in the city in the past year, according to sources close to the deal.

The hotel is now under renovation and will reopen at the end of next year as part of what will be called the Cipriani Ocean Resort and Club Residences.

The acquisition of the hotel was negotiated by Crédit des Alpes, a banking group that specialises in luxury hotel developments. It also holds a stake in Cipriani’s Mayfair restaurant.

The Cipriani restaurant empire traces its roots back to an abandoned warehouse in Venice, Italy. It was there in 1932 that Giuseppe Cipriani opened Harry’s Bar, whose patrons included Humphrey Bogart, Orson Welles and Truman Capote. The Cipriani Group is run by Giuseppe’s son Arrigo and his grandson Giuseppe.

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Finanz und Wirtschaft

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Credit des Alpes is the new owner of Swiss Data Deposit

The holding company Crédit des Alpes, with offices in Geneva and Lugano, controlled by Fabrizio Cerina, has recently acquired 55% of Swiss Data Deposit SDD, based in Zurich which is one of the most important suppliers of data protection and security systems in the data processing sector. It specifically serves Private Banks, Legal Firms and Hospitals. The Italian company Redaelli Tecna and participations in the Restaurant Chain Cipriani, among others, also belong to the Cerina Group.

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Giornale del Popolo

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Swiss Data Deposit acquired by Cerina

Crédit des Alpes, the banking group controlled by the Italo-Swiss financier Fabrizio Cerina, has acquired 55% in Swiss Data Deposit AG of Zurich, one of the world’s main producers of technology for digital data protection and security. In Italy, Swiss Data Deposit mainly serves the large hospitals, supplying them with the most advanced technology for encryption and storage of sensitive data. Among the companies participated by Credit des Alpes are also Redaelli Tecnica SpA, the Italian market-leader and fifth in the world for the production of steel wires, and the restaurant group Cipriani (whose Harry’s Bar is the most famous brand) in London. On April 8th, during an interview with GdP, Glauco San Giovanni, head of the security service, explained that all sensitive data are stored in Zurich, in highly secure and impenetrable locations.

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