First Transactions Executed Under New Strategic Plan
NEW YORK, NY. , June 20, 2018 (GLOBE NEWSWIRE) -- Exxe Group (OTC PINK: AXXA), a diversified company focused on acquisitions in the real estate, fintech and financial services sectors, today announced that it has signed binding agreements for three real estate development projects in Central Europe. These are the first investments to be made under Exxe’s new strategic plan and all will be completed through a combination of cash and notes. The combined total value of the three projects will be over $50 million when completed, which is projected in 2021. Construction is scheduled to begin late in 2018 with sales projected to begin in 2019.
The first transaction has closed and is for the development of a residential housing complex in the Frankfurt metropolitan area. The sustainable and cost efficient construction of 42 units at the back of an historic street line will maintain the historical character of the surrounding buildings and offer many amenities, including a parking facility with 42 spaces. The Frankfurt metropolitan area has been growing rapidly, offers excellent transportation and is home to many well-known companies offering employment opportunities.
The second project is under a binding letter of intent and is in Switzerland, close to the northern border and main roads. This mixed use project totals over 43,000 square feet and will include a large number of self-storage units as well as several apartments, stores and single office rentals with access to a meeting room. Renovations have already begun.
The third project is also under of binding letter of intent and will launch the concept of senior living in Central Europe. This new concept will first be built in Bavaria and is a good fit for the area, which has high purchasing power and changing demographics that are creating demand for this type of development. The 5 Star residential resort will include 100 detached houses for people over the age of 50 as well as high-end amenities such as a restaurant, event hall, full time nursing service, medical care and a guest house for visitors.
“These are three solid real estate projects that we believe are representative of the quality deals that we will continue to pursue going forward and that will also provide excellent returns on Exxe’s investment,“ said Eduard Nazmiev, Head of European division and recently appointed Interim CEO of Exxe Group. “These investments are also the first under our new strategy in which Exxe seeks to be a diversified corporation with interests in real estate, fintech and financial services across multiple synergistic sectors. Our business strategy is to acquire controlling equity interests in undervalued, high growth and/or equity-rich companies on an opportunistic basis and take an active role in management, providing capital and expertise in order to improve their outlook for growth. These initial real estate investments will build a solid foundation of hard assets with real value while our experienced management team is continuing to scour the globe for additional opportunities in our targeted verticals. We look forward to reporting back to shareholders as we continue to execute on our strategic plan.”
About Exxe Group:
Exxe Group is a diversified corporation focusing on acquisitions in the real estate, fintech and financial services sectors. We are an acquisition-driven company. Our strategy is to acquire controlling equity interests in undervalued companies and then take an active role in improving their performance - accelerating their growth by providing them with both access to capital and to management expertise. For additional information go to: www.axxar.io
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