Lefay, the Gargnano resort sold to Cdp for 59 million. And immediately taken back to rent

The activity of the Lefay Resorts group in Italy is based on two high-profile tourist-accommodation facilities in Gargnano and Madonna di Campiglio, to which it will soon be added a third in Montalcino, a prestigious town in the province of Siena. The latter project is in full development phase. “To this end – confirms the Explanatory Note of the San Felice del Benaco holding, published a few days ago – in December 2021 we purchased all the shares of Lefay Resort Toscana”, the company that owns the land on which it will be built precisely the new structure of the Brescia brand.

For the purchase of this stake, the Lefay Resorts group supported an investment of 16.9 million euroswhich will be fully “covered” through the funds raised with another important operation carried out by the Leali family, this time with Cassa Depositi e Prestiti.

In detail

“Last November – they explain from the headquarters on the banks of the Benaco – we have sold the ownership of the Garda real estate complex, structure in which the activities of Lefay Resort Garda take place, in Fondo del Turismo 2 (managed by Cdp) ». In addition to the definition of the cash consideration, thetransaction with Cassa Depositi e Prestiti also provides other options. «The sale price of the real estate complex – reveals the explanatory note attached to the 2021 financial statements – has been defined in 59 million euros and includes a price component conditional on the execution of certain structural works on the Garda property as well as the purchase of new furnishings ». And that’s not all.

«At the same time – it turns out in the document – Lefay Resorts Garda signed a leaseback contract of the Gargnano real estate complex with a duration of 30 years (possibly extendable for a further 10 years), reserving the option to redeem the complex after seven years from the effective date of the lease ». Technically, this operation with Fondo Turismo 2 is defined as “sales & lease back” and in addition to repaying part of the mortgage debt of the Brescia group, “it generated the financial resources for the development of new projects – admits the president Domenico Alcide Leali -, first of all the construction of a new Resort in Tuscany ».

The prospects

The entrepreneur from Brescia has great ambitions and they are not limited to national borders. Once the portfolio of “directly managed” structures in Italy has been completed with the resort in Montalcino, Leali says also ready for an “experience” abroad. “We are developing the fee-based model – he admitted during the presentation of the latest sustainability report – looking for selected opportunities, especially abroad, in which Lefay acts as an operator through management or rental contracts”.

There are many numbers in his favor: starting from those expressed in budget 2021which shows a recovery in revenues lost due to the Covid-19 pandemic (from 25.8 to 33.5 million) and up to those expressed with the awards won internationally as “Best Spa destinanion in Europe”.