On February 23rd, Varia US Properties AG acquired 100% of the shares of the Ariston Opportunity Fund LLC, a Bahamas fund holding 23 properties in the US.
Those properties were initially acquired thanks to the sponsorship of Peak Capital Partners for the former owners of the Fund. Peak accepted to remain the asset manager of these properties, and for several of them as property manager, through its subsidiary Peak Living.
The acquisition cost of these shares amounted to USD 47 million and has been paid in cash by the company. This price includes about 3 million of cash money that is accrued on the bank account of the Fund. The loan balance at acquisition is USD 106 million and the appraised value of the portfolio is USD 158 million as of January 31st 2016.
This portfolio comprises 2’470 units and 2.186 million rentable square feet.