Forte Village close to be sold to Chinese investors
Forte Village, the Italian resort on the island of Sardinia, is close to be acquired by unnamed Chinese investors, Il Sole 24 Ore reported. The report, which quoted unnamed sources, said that Morgan Stanley has circulated teasers among investors and Asian buyers are interested.
The resort will close 2016 with revenues of EUR 72m.
The sellers are two brothers, Musa and Mavlit Bazhaev, entrepreneurs in the oil and gas sector that bought the resort in 2014 for EUR 310m. Out of that sum, EUR 100m was for operating business, EUR 180m for real estate assets and EUR 30m for planned investment. The two brothers are asking for EUR 500m. EBITDA margin is 39%. EBITDA for 2015 was EUR 26m, while in 2016 it is expected to be EUR 28m.
Il Sole 24 Ore