Campari Group has reached an agreement to sell Villa ‘Les Cèdres’
The sale price of the Villa in Cap Ferrat amounts to €200 million, of which Campari Group will retain €80 million
Campari Group has reached a preliminary agreement for the sale of the real estate property ‘Villa Les Cèdres’, located in Saint-Jean Cap-Ferrat, France. The Villa had entered Campari Group’s perimeter within the context of the Grand Marnier acquisition in 2016 and was publicly put for sale immediately after the deal closing according to an agreement reached with the Grand Marnier’s sellers as described the Tender Offer of 13 May 2016, issued by Davide CampariMilano S.p.A. for the acquisition of Société des Produits Marnier-Lapostolle, Grand Marnier’s owner.
In the context of the Tender Offer, Davide Campari-Milano S.p.A. undertook to pay all shareholders of Société des Produits Marnier-Lapostolle, in addition to the offer price, a potential price supplement in the event of the successful disposal of the Villa under certain conditions. In particular, the price supplement is equal to the difference between the net sale price of the Villa (net price to be determined in accordance with the terms set by the Tender Offer) and an agreed floor value of €80 million, which is to be retained by Davide Campari-Milano S.p.A.
The sale price of the Villa under the preliminary agreement amounts to €200 million, of which Campari Group will retain €80 million, in accordance with the terms of the Tender Offer, as described above. The transaction closing is expected on or before 31 October 2019 and is subject to certain condition precedents, including the vacancy of the property which currently houses one Marnier-Lapostolle family member, but excluding any financing conditions. After the sale the Villa is intended for private use by an actually unknown buyer.
The Villa is an exclusive 188-year-old, 18,000 square foot mansion, within approximately 14 hectares property, a unique combination of history, luxury and a prime location along the coast of Saint-Jean-Cap Ferrat in the South of France. Built in 1830, the home also belonged to the Belgian King Leopold II and it was finally acquired by the Marnier-Lapostolle family in 1924. For almost 100 years the family has built and curated one of the prime botanical gardens worldwide. The property came into Campari Group’s ownership through the friendly takeover of Société des Produits Marnier-Lapostolle in 2016.
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