Prime Acquisition Corp. (“Prime” or the “Company”) (NASDAQ: Common Stock: “PACQ”, Units: “PACQU”, Warrants: “PACQW”), a special purpose acquisition company, and privately held bhn S.r.l. (“bhn”), a leading financial and strategic advisory boutique based in Milan, today announced that their management teams are scheduled to meet with investors in the U.S. this week in advance of Prime’s special meeting of shareholders scheduled for Wednesday, March 27, 2013.
The Company also announced its intention for the post-business combination company to pay an annual cash dividend.
Diana Liu, Prime’s chief executive officer, stated, “As we continued to evaluate the prospects of our combined company going forward, we felt it was appropriate to update investors on the status of the transaction and announce our intention to provide investors with a dividend opportunity.”
Mr. Marco Prete, founder and chairman of bhn, commented, “We have made significant progress in our discussions with the sellers of the properties under consideration and look forward to sharing more information with investors in the coming weeks, including the possible addition of additional properties.”Prime’s and bhn’s managements provided additional information on the portfolio of Italian commercial real estate assets (“Initial Portfolio”) that the newly formed company intends to exchange for ordinary shares of Prime (see transaction details below), subject to the execution of a definitive stock exchange agreement with the Company.
- Valued at approximately $200 million
- Diversified portfolio of properties throughout Italy with high occupancy rates of 99% in 2012 and average remaining years on leases being eight
- Approximately 130,000 square meters of gross leasable area
- Bhn management will manage and seek to grow the portfolio
|Initial Portfolio Summary|
Approx. Gross Leasable Area (in sq. meters)
Annual Rental Revenue (€ in millions)
Year of Lease Expiration
|1||Central Italy||Industrial||Major multinational company||40,000||€2.7||2022|
|3||Central Italy||Office, retail, residential||Various||4,000||€0.35||2018|
|4||Rome||Office, retail||State agency||8,000||€1.25||2020|
|5||Northern Italy||Office||State agency||70,000||€2.5||2025|
|7||Northern Italy||Shopping Center||Various||10,000||€2.4||2019|
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