Prime Acquisition Corp. (“Prime”) (NASDAQ: Common Stock: “PACQ”, Units: “PACQU”, Warrants: “PACQW”), a special purpose acquisition company, and privately held bhn S.r.l. today announced that they have entered into a binding Letter of Intent in connection with a proposed business combination transaction.
Ms. Diana Liu, CEO of Prime, stated, “We are very excited about this opportunity. Through our relationships in the financial and investment banking industry, we were presented with this transaction, which we determined was a tremendous opportunity for our shareholders. We are leveraging our national market listing to assist bhn in its relationship with the owner of the properties and have structured what we believe is an institutional-friendly transaction to purchase a portfolio of quality assets with limited downside risk and greater value in the long-term due to opportune timing in the Italian real estate market.”
Ms. Liu continued, “We are pleased to be working with the knowledgeable and experienced management team at bhn, led by its Chairman Marco Prete. Bhn’s management team possesses an aggregate of over 40 years of experience in advising companies in M&A, debt management, restructuring, capital markets, and real estate, and has long-standing, trusted relationships with clients in various industries. Their versatility and excellent track record as innovative asset managers have consistently produced quality returns for their investors and clients. The current state of the real estate market in Southern Europe puts the combined company in a position to take advantage of purchasing quality assets at incredibly favorable rates, with the potential upside of a rebound in the industry. We intend to work closely with the management team to help develop and grow Prime as a publicly traded entity and look forward to more exciting opportunities in the years ahead.”
Mr. Marco Prete, founder and chairman of bhn, commented, “We believe that creating a publicly traded portfolio of diverse, high-quality commercial real estate assets at these historically low valuations is just the initial transaction of what is a much larger opportunity. As a result of the economic and banking difficulties throughout Europe over the past five years, there is a significant number of quality assets held by sellers looking for liquidity that we believe can be acquired by Prime over the next couple of years. We also see numerous possibilities to utilize our public currency to acquire these attractive high-yielding assets. This merger with Prime is the ideal vehicle to leverage a public listing and take advantage of purchasing assets at tremendous valuations with favorable debt financing. We appreciate Prime’s confidence in our business and are excited to be working together.”