1999 - 2003


I
n May 1999 Probus Estates sold its subsidiary Premag Holding B.V. with a substantial profit to a Dutch public investment fund for a total amount of EURO 127.5 million. Premag Holding’s portfolio consisted of 14 properties in the Netherlands, including the Magna Plaza Shopping Centre in Amsterdam.

A
fter Probus sold the above-mentioned real estate, in the year 2000 the company Probus acquired five commercial properties in The Netherlands for approximately EURO 35 million and at the end of the year Probus acquired the Casino de Mallorca for EURO 22 million located 15 minutes from Palma, including 52,000 m2 of prime land at the seaside where the casino building is located. The idea was to move the Casino to another location and sell it, and develop the 52,000 m2 landsite at the seaside.

D
uring the years 2001 and 2002 Probus made further acquisitions in Spain being a development of a shopping centre in Santa Ponsa, Mallorca for EURO 10 million. At the end of 2001, Probus acquired a 2 million m2 prime development site for residential development 20 km west of Barcelona, Spain. Further plans for the Casino were to prepare for the redevelopment of the Casino site as well as the residential land in Barcelona.

P
robus Estates was the main real estate vehicle for the Larmag Group between 1997 up to January 2003 in which time L.E. Magnusson resigned from the Management and the Board of Probus Estates due to a difference of opinion on how to develop the business in general and in particular with the Casino and the land in Barcelona. At this time Mr. Magnusson left the company and Larmag's shareholding was approximately 26%.