Stock market launch for Ultima Capital
Ultima Capital, owner, developer and operator of luxury real estate, has gone public. The financial advisor and co-arranger was Reyl & Cie.
Ultima Capital was listed on the BX Swiss on August 8 with a private placement of over CHF 50 million with 27 international investors and investment funds.
The company's assets consist in particular of 32 properties which Ultima Capital holds in full ownership. These are luxury hotels and residences in locations such as Gstaad, Schönried, Crans-Montana, Geneva, Megève and Courchevel. The net value of the properties amounts to 397 million excluding deferred taxes.
Max-Hervé George, co-founder of Ultima Capital, calls the listing on BX Swiss an "important stage" in the development of the company, which was founded five years ago. "Our solid balance sheet, with a low leverage ratio of 31% and a current cash balance of 115 million, will support our growth into new locations." George sees significant growth potential in the luxury hotel market.
Engelwood Global Services and Reyl & Cie are the financial advisors to Ultima Capital and the co-arrangers of the private placement. Reyl & Cie is also the paying agent for the IPO. Stoneweg is the Company's real estate advisor and Helvetadvisors is the independent valuator. (ah)
