Valamar and AZ mirovinski fondovi continue to invest in Croatian tourism

Published 29. July 2021.

AZ mirovinski fondovi and Valamar initiate new investment cycle through the recapitalization of Imperial Riviera

AZ mirovinski fondovi and Valamar Riviera continue with strategic investments in Croatian tourism with the second recapitalization phase of Imperial Riviera in the amount of HRK 689 million, following the approval of Imperial Riviera's General Assembly which shall convene on September 10, 2021.

In 2019, AZ mirovinski fondovi and Valamar Riviera completed the merger of Hoteli Makarska and the first recapitalitzation phase of Imperial Riviera, as well as investments in the reconstruction of Hotel Parentino in Poreč, Hotel Meteor in Makarska and premium camping Padova on Rab island. The new capital increase is directed towards further portfolio development, including the reconstruction of two existing hotels and the construction of two new premium hotels in Dubrovnik, Makarska and on the island of Rab.

Following the share capital increase procedure in accordance with relevant regulations, Valamar will hold 46.27% and AZ mirovinski fondovi will hold 48.85% of Imperial shares.

“Imperial's second recapitalization phase initiated by Valamar and AZ mirovinski fondovi is the logical continuation of a successful cooperation and our initial plan to invest in Croatian tourism. We believe Croatian tourism will quickly recover from the crisis. This period should be utilized for the preparation of investments in order to accelerate their realization in the future with the aim of business normalization, growth and development," said Željko Kukurin, CEO of Valamar Riviera.

Kristijan Buk, the Management Board President of Allianz ZB, a company for managing mandatory and voluntary pension funds, emphasized that Imperial Riviera's properties and facilities in destinations along the Adriatic coast cover a wide market and that this investment will further diversify its offer. "AZ mirovinski fondovi actively seeks investment opportunities in Croatia and projects that meet high corporate governance standards and provide optimal return for AZ pension fund members under the company's management. The continuous cooperation with Valamar along with this additional investment denote a strategic determinant for AZ mirovinski fondovi."