1997 - 1998


I
n February 1997, Larmag acquired a major interest in Probus Estates PLC, a small real estate company listed on the London Stock Exchange. The successful Magna Plaza Shopping Center was sold to Probus Estates in exchange for the issue of new Probus Estates shares. A major restructuring programme within Probus Estates was carried out which had a positive effect on the company's profile.

T
his restructuring programme included the acquisition of new real estate with positive cash flows and the disposal of existing unprofitable real estate, which had burdened the company in the past. The effect of the restructuring programme has been to create a focused real estate group with a portfolio of high quality commercial properties, mainly in The Netherlands.

O
ther high quality opportunities throughout the rest of Europe were also explored. The focus was not only on commercial properties but also included leisure related projects. In November 1997, Probus Estates concluded a transaction to acquire a real estate portfolio for Euro 29.1 million. This real estate portfolio included two office buildings and two warehouse and office complexes in Amsterdam and the surrounding areas.

I
n June 1998, Probus Estates acquired a further six office buildings in the vicinity of Amsterdam. For the first time in its history, Probus Estates' revenues exceeded expenditure. It was the policy of Probus Estates to pursue investment opportunities in Europe that showed good returns and sound growth potential.


Overschiestraat 186,
Amsterdam, The Netherlands