PRN: Ballast Nedam Sells Kicking Horse Mountain Resort Canada
Ballast Nedam Sells Kicking Horse Mountain Resort Canada
NIEUWEGEIN, The Netherlands, December 20, 2011 /PRNewswire/ --
Ballast Nedam has signed an agreement with Resorts of the Canadian Rockies Inc. regarding the sale of the four-season recreation resort Kicking Horse Mountain Resort in Canada, which Ballast Nedam has developed and realised.
Resorts of the Canadian Rockies Inc. is one of the largest private ski resort owner/operators in North America, owning five ski resorts across Canada. In addition to the ski resorts Resorts of the Canadian Rockies Inc. also owns and operates a number of accommodation properties, golf courses, and a central reservation agency.
Ballast Nedam built the infrastructure for Kicking Horse Mountain Resort and developed the core of the village. The 1 131 hectare ski resort is among the finest quality of its type in North America. More than 400 homes have now been built. The resort attracts approximately 175 000 visitors each year.
The resort is in an extremely attractive location, in the middle of the Canadian Rocky Mountains. It is surrounded by six national parks: Banff, Glacier, Kootenay, Yoho, Mt. Revelstoke and Jasper.
Subject to certain regulatory approvals, the transaction is expected to be completed by the end of the year.
The transaction has on balanceÂ no material impact on the equity. Total assets will decline by € 21Â million and the long term loans will decline by € 6 million. Ballast Nedam has been advised by Rothschild and Lawson Lundell LLP.
This transaction endorses Ballast Nedam's strategy of focusing on integrated projects and on the niche markets industrial construction, hospitals, offshore wind turbines, secondary raw materials and alternative fuels.
Ballast Nedam has a leading position in construction and infrastructure. The company operates mainly in the Netherlands on integrated and other projects for companies, public authorities and housing consumers, in the fields of mobility, housing, employment, leisure and energy. Ballast Nedam operates internationally in various areas of expertise. Ballast Nedam supplies project, process and contract management in the development, implementation and management phases. The company also provides specialized know-how and skills, and semi-finished and finished products. Ballast Nedam is listed on NYSE Euronext in Amsterdam. The share is included in the Amsterdam Small Cap Index. For more information please refer to http://www.ballast-nedam.com.
Company Codes: Bloomberg:BALNE@NA, RICS:BALNC, ISIN:NL0000336543