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Insurer Triglav Buys Real Estate Company from Sava

Ljubljana, 22 June (STA) - Insurer Zavarovalnica Triglav has acquired real estate company Investicijsko podjetje (formerly Sava IP) from conglomerate Sava for EUR 14.8m, the insurer said on Friday.

The group around the insurer has defined developing real estate business as one of important strategic segments, Triglav chairman Matjaž Rakovec said, adding that the acquisition was another step in fulfilling the group's strategy.

Rakovec stressed that the company had a clear goal to launch projects that have a long-term potential yield at 12%, while the company expects to benefit from synergies stemming from strengthened real estate activities.

Sava meanwhile said that the sale was in line with its plans for business and financial restructuring by 2014. The company will use the money to pay off debts.

The sale of Investicijsko podjetje has been one of the most wanted scenarios since the restructuring strategy was adopted, explained Sava board member Franci Strajnar.

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