31 Dec 2010 07:00
31 December 2010
Brainspark plc
("Brainspark" or "the Company")
Update on Investments
Brainspark announces that its 69.94 per cent. owned subsidiary Mediapolis Spa, controlled via Mediapolis Investment SA Luxembourg, signed a binding agreement with GEI Company Group S.p.A. ("GEI"), under which GEI will be the General Contractor Company for the Mediapolis project.
Mediapolis, (www.gruppomediapolis.com) is an Italian real estate company with planning permission to develop an indoor (25,000 sq metres) and outdoor (148,000 sq metres) theme park with outdoor theatre (15,000 seats), shopping centre (36,000 sq metres), a 4-star hotel (342 rooms) and a television production centre. The total area for the whole development is 60 hectares (148.2 acres). The site is located on the Milan-Turin-Aosta highway junction, 60 minutes drive from Milan, 50 minutes from Turin and 60 minutes from the Mont Blanc Tunnel, one of the main arteries between France and Northern Italy. Telecom Italia SpA, through Olivetti Multiservices, holds 8.58% of the issued share capital of Mediapolis.
GEI is a Milan-based General Contractor with strong expertise in delivering complex projects in diverse areas, characterised by a high technological component. In particular, its core business ranges in the tourism and hospitality, commercial, healthcare, infrastructure, plants and renewable energy sectors.GEI Company Group SpA provides a high level of technical innovation in all aspects of planning and execution of works also through the expertise of its shareholders.
It is expected that GEI will introduce external investors to fully finance and start the construction of the Mediapolis project.
GEI is also in charge of providing all the technical and managerial staff, of implementing the project and managing the theme park, the commercial centre, the hotels and the co-generating power station part of the Mediapolis project.
In exchange for these services GEI will have a 15 per cent. economic interest in the net profit deriving from the Mediapolis project.
Alfredo Villa, chief executive officer of Brainspark said: "We are delighted to have attracted such a high profile partner as GEI to the Mediapolis project. With this contract, the project is finally ready to start construction."
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For further information please contact:
Brainspark plc | +39 335 296 573 |
Francesco Gardin, Chairman
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Arbuthnot Securities | +44(0) 20 7012 2000 |
Antonio Bossi
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Leander PR | +44(0) 7795 168 157 |
Christian Taylor-Wilkinson |
Notes to Editors:
About Brainspark Plc
Brainspark plc (AIM: BSP) is an AIM listed investment company pursuing a dynamic strategy to create a comprehensive portfolio of companies primarily encompassing the interactive media, leisure, entertainment and financial services sectors mainly in Italy but also other European countries. Its core investment is B'Parks & Leisure, the owner of a site in northern Italy with plans for the development of a large theme park. The company may be either a passive or active investor and Brainspark's investment rationale ranges from acquiring minority positions with strategic influence through to larger controlling positions.