The nationalized Austrian bank Hypo Group Alpe Adria announced that it has arranged the sale of a closed ski center in northern Germany as part of its asset resolution sales program.
The Hamburg-Wittenburg center has been sold to the Dutch tourism and hotel group Van der Valk, the bank stated, without disclosing the price of the transaction. The center includes a 330-meter long indoor main slope and a snowboarding park. Hypo took over the center in 2007 after its previous operator declared bankruptcy, and since 2008 it has been managed by Van der Valk, which now plans to renovate it, the statement further emphasizes. Hypo transitioned to state ownership a year ago to avoid collapse. This year, the bank expects losses of up to 900 million euros due to non-performing loans and asset write-offs. So far this year, the bank has sold more than 60 properties in its ownership. "From the perspective of the Austrian taxpayer, our strategy is to sell at the right time and for the best possible price. We continue to firmly implement that strategy," said CEO Gottwald Kranebitter in the statement. (H)
