MANDARINE GROUP : Mandarine Group and La Perla International Living unite forces

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Mandarine Group and La Perla International Living have reached agreement on the acquisition by Mandarine Group of the Dutch group La Perla International Living, (www.laperlainternationalliving.com). On 25 January the two groups and their major shareholders signed a memorandum of understanding and on 12 February a governance and shareholders' agreement was entered into.

With this acquisition Mandarine Group, who will shortly adopt the name La Perla International Living, will become a first class international real estate group.

The new group will strengthen its position in Morocco and will a have presence in Spain, France, Austria, Switzerland, Antigua, Panama and Vietnam.

Jean Marie Santander, President of Mandarine Group: "This strategic partnership with one of the leading luxury real estate players confirms the bold strategy of the founders of the Mandarine Group. I am convinced that the new group created by this partnership will benefit from the combination of strength and expertise of the Mandarine Group and of La Perla International Living."

Who is La Perla International Living?

The La Perla International Living group was founded in 1995 by the incumbent Chief Executive Officer Geert Duizendstraal. The holding company, located in Amsterdam, oversees various international operations.

La Perla International Living's activities are based around three essential concepts: unique locations, a top of the range product and exceptional service.

This strategy has proven to be very successful and justifies the remarkable growth. Moreover, La Perla International Living has spread its risk by developing its activities in various complementary regions.

La Perla International Living currently has fourteen real estate developments in France, Antigua, Spain, Panama and Vietnam and expects the construction of 2400 units (equivalent to 630 000 m2 floor space) before 2014. 

In addition, La Perla International Living is considering approximately 19 new projects (pipeline)in different countries.

The group has a strong commercial focus. Sales are split fairly evenly over various projects.

Geert Duizendstraal, founding Chief Executive Officer of La Perla International Living: "I am delighted to be joining forces with a partner like Mandarine Group, who offers us the chance to strengthen our position as an international player in leisure real estate by giving us access to the various capital markets. The financial strength that will result form this deal will allow the new Group - La Perla International Living - to further accelerate its growth."

La Perla International Living - financial overview


In '000 EUR 2006 2005 2004
(6 months)
Sales turnover 77 702 56 995 9 847
Gross margin 56 982 42 313 4 581
Operational result 35 555 29 208 5 189
Result pre tax 27 049 24 449 5 137
Net result (after tax) 26 355 23 736 4 487
Shareholder equity of the group 99 186 73 621 4 487
Various debt 54 055 40 948 50 558
Fixed Assets 27 139 81 520 23 955
Current Assets 185 376 85 351 52 598
Of which treasury 2 505 7 455 7 511

La Perla International Living has witnessed remarkable development. Shareholder equity grew from just over ¤4 million in 2004 to almost ¤100 million in 2006.

La Perla International Living - operations to date

Spain
To date La Perla International Living has completed 12 major projects of which the majority are located in Spain where the initial concept of the company was developed. All located at the Costa del Sol, the operations of La Perla International Living in Spain represent potential sales of ¤390 million for 640 units, including individual houses, apartments and land.

Antigua
In the last couple of years, Antigua has enjoyed significant commercial property development, largely due to La Perla International Living. With 8 projects totalling 844 villas and grounds, and representing sales of ¤660 million, the company is the largest property development company on the island and the second largest foreign investor.

Vietnam
La Perla International Living is well positioned to benefit from the economic boost in Vietnam with operations in three provinces, comprising of 500 planned units and representing nearly ¤100 million in sales.

Panama
Situated on an island close to Panama City, La Perla International Living's project is aimed at developing part of the island into an Eco-Resort, preserving most of the 1500 hectares of private grounds as primeval forest. 

France
Concentrated in the Dordogne region, the group's portfolio includes three castles with extensive land destined for the development of second residences. 

Description of the acquisition La Perla International Living

The acquisition of the Dutch group will be effected by the contribution of the shares in La Perla International Living in the Mandarin Group against the issuance of new shares. At the time of agreement between the parties, Mandarine Group's issued capital consists of 4 488 315 shares.

After completion of the transaction, which is subject to certain conditions precedent, the capital will be composed of 12 136 315 shares. Mr. Geert Duizendstraal will own 7 675 000 shares.

The parties have agreed that the Mandarine Group will proceed with the strengthening of its own equity, with a view to repaying all or part of the debt of La Perla International Living.

Mandarine group is registered on the Marche Libre of Euronext Paris, under the code ISIN: FR0010439513  (Mnemonics: MLDAR -  BSAR : DARBS).


Governance of the new group

The board of directors will be composed of Jean Marie Santander (Président), Geert Duizendstraal, Omar Essakalli, Philippe Perret, Henri Calef, Albert Hartog, Christophe Piffaretti,  and an additional member to be announced at a later stage.

Omar Essakalli General Manager of Mandarine Group: "This acquisition is perfectly in line with our growth strategy. It responds to our initial ambition to create a major international player, active in both the real estate and the high end tourism sectors. No doubt that the complementary expertise and projects of both entities will guarantee the creation of a large group creating value to the benefit of shareholders.

Strategy of the new Group La Perla International Living
The goal is to strengthen the current shareholder equity, the value of which exceeded  ¤230 million when parties reached agreement.

Depending on the state of the financial markets and demand amongst investors, the new Group will keep a substantial number of developed properties in its portfolio. It will seek to finance its acquisitions with its own capital (20 to 30%) and the balance through project financing. To optimize its operations, a select number of units will be sold to third parties; while the remaining units will be retained and rented out by the Group.

The new Group will spread risk by focusing on developing unique projects in complementary new and promising destinations.
About Mandarine Group
The group simultaneously develops real estate and hotel activities in Morocco and in Europe. The Mandarine Group's strengths lie in the design, realization, marketing and management of its projects.

Listed on Euronext Paris' Marché Libre, Mandarine Group aims to offer its shareholders a high-performance investment vehicle, which will benefit both from the strong growth of the emerging-market real estate and tourism sectors and from the stability of the European market.

About La Perla International Living
La Perla International Living dates back to 1995, when La Perla Developers was founded in the Costa del Sol in Spain. The company experienced rapid growth in Andalusia and developed thereafter into France and Austria.

Today, as a renowned international player in the sector of top-of-the-range residential real estate, the company is established on 4 continents, in 8 countries and 26 locations. It is one of the premier world brands in the high-end residential real estate sector.

Its unique sites, its fabulous residences, as well as the exceptional quality of its services, open doors to new cultures and enrich the lives of its customers.

For more information please contact:
Omar ESSAKALLI  
Directeur Général  
Mandarine Groupe  
Tel. + 212 22 36 30 36
Tel. + 33 1 42 25 52 42  
oessakalli@mandarinegroup.com  



MANDARINE GROUP SA
Société anonyme à Conseil d'Administration au capital de 44 800 000 ¤
Siège social : 10 rue Lord Byron 75008 Paris - RCS Paris 722 780 277
MANDARINE GROUP est inscrite sur le Marché Libre d'Euronext Paris sous le code ISIN : FR0010439513
Mnémonique : MLDAR - BSAR : DARB
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