Select Page
Porsche and Dezer Development Inaugurate Porsche Design Tower in Miami

Porsche and Dezer Development Inaugurate Porsche Design Tower in Miami

Dezervator, which whisks both residents and their vehicles up to their luxurious home in the sky. Representing Porsche Design’s first foray into luxury residential real estate, the landmark tower reflects the brand’s hallmarks of functional design, technical innovation, forward-thinking and iconic style. “It is an especially proud and remarkable moment to debut the first-ever Porsche Design Tower,” says Gil Dezer, president of Dezer Development. “Simply put, there is no other building in the world with the same level of groundbreaking ingenuity and superlative quality as Porsche Design Tower Miami. This iconic tower has not only redefined Miami’s skyline, but residential luxury as we know it.” “To see the first-ever Porsche Design Tower in Miami in its final stage is mind-blowing. The functional design, which encapsulates the DNA of the Porsche Design brand, will accompany the residents in all areas of their daily life and will enable them to live a unique and innovative experience, which is characterized by the blend of function and technology. We are very proud to celebrate the Grand Opening of the Porsche Design Tower Miami together with our partner Gil Dezer,” says Jan Becker, CEO of Porsche Design Group. The Dezervator is expected to re-shape condominium living, with the ability to have your vehicle literally at your front door. The tower’s other over-the-top, luxurious amenities, also include plunge pools and outdoor summer kitchens on the balconies of almost every unit. Other building amenities include a state-of-the-art spa equipped with Vichy showers, a Sunset Terrace complemented with twin over-sized spa tubs, and oceanfront ballroom and multipurpose clubrooms. The clubrooms include a movie theatre with new release capability and game room complete with racing and golf simulators. The building will also have available a ‘Car Concierge’ who will tend to a resident’s vehicle, by assisting with regular maintenance, tire rotations, washing and other services. With an estimated sellout of about $840 million, 126 of the tower’s 132 units have been reportedly sold. Of the six remaining units, one is a 19,403 square foot, four-story penthouse with space for up to 11 vehicles, listed at $32.5 million. Dezer Signature Brands an entity of Dezer Development, has a master licensing agreement with Porsche Design. Dezer Signature Brands specializes in co-developing luxury high rise residential and condo-hotel developments with marquee lifestyle brands. The company partners with prestigious globally-recognized brands to develop unique condominiums at some of best addresses in the world. The company’s owner, Gil Dezer, is one of the largest oceanfront property owners in Sunny Isles Beach. The Dezer family own just over 27 acres of prime oceanfront property including 2,100 feet of beachfront between 158th Street to 191st Street along Collins Avenue, said to be one of the largest holdings of beachfront property owned and developable in the state of Florida. In the 1980s, his Tel Aviv-born father, Michael Dezer, purchased a number of ocean front plots in Miami and, in partnership with Donald Trump, developed numerous properties including the $900 million Trump Towers, the $600 million Trump Grande Ocean Resort and Residences and the $166 million Trump International Hotel and Tower in Sunny Isles Beach. His company Dezer Properties in New York City reportedly owns and manages 1.3 million square feet of commercial space in Chelsea as of 2013, and is also the landlord of the luxury auto retailer Manhattan Motorcars. Porsche Design is a premium-lifestyle brand founded in 1972 by Professor Ferdinand Alexander Porsche. Created and engineered by the legendary Studio F. A. Porsche in Austria and brought to life by carefully-selected manufacturers. Porsche Design products are sold worldwide at its 140 stores and online, as well as at high-end department stores, and specialist retailers.]]>

New York's Safra Bank Acquires Israeli Bank Hapoalim's Private Banking Business in Miami

New York's Safra Bank Acquires Israeli Bank Hapoalim's Private Banking Business in Miami

“We are determined to play a leading role in the consolidation of the private banking market,” said Jacob J. Safra, vice-chairman of Safra National Bank. “Our capital strength, family ownership and 175 years of experience give us great flexibility to do such transactions.”

“We look forward to welcoming the clients and employees of Bank Hapoalim in Miami to our organization,” said Simoni Morato, CEO of Safra National Bank of New York. Bank Hapoalim’s private banking business in Miami fits perfectly with the strategic vision of the J. Safra Group and Safra National Bank of New York, and we are confident we will add immeasurable value to clients.” The J. Safra Group, with total assets under management of over $194 billion and aggregate stockholders equity of $15.4 billion, is controlled by Jacob’s father, billionaire Joseph Safra, based in Sao Paulo, Brazil. The group consists of privately owned banks under the Safra name, real estate and agribusiness investments and other holdings. The group’s banking interests, which have over 160 locations globally, are Safra National Bank of New York headquartered in New York City; J. Safra Sarasin, headquartered in Basel, Switzerland; and Banco Safra, headquartered in Sao Paulo, Brazil; all independent from one another from a consolidated supervision standpoint. The group’s real estate holdings consist of more than 200 premier commercial, residential, retail and farmland properties worldwide, such as New York City’s 660 Madison Avenue office complex and London’s iconic Gherkin Building. Its investments in other sectors include, among others, agribusiness holdings in Brazil and Chiquita Brands International Inc. There are more than 28,000 employees associated with the J. Safra Group, with deep relationships in markets worldwide. The deal is expected to be completed during the first quarter of 2017, subject to regulatory clearance. Bank Hapoalim, Israel’s largest bank, was established in 1921 by the Israeli trade union federation Histadrut and the Zionist Organisation. The bank was owned by the Histadrut until 1983, when it was nationalized, and was held by the Israeli government until 1996, when it was sold to a group of investors led by the late Ted Arison. It is currently controlled by Arison Holdings through an equity stake of about 20 percent, which is owned by Ted’s daughter Shari Arison. As of the end of 2015 Hapoalim had over $110 billion in assets, with nearly $8.5 billion in equity capital and almost 12,000 employees worldwide. Hapoalim has been chosen as Bank of the Year in Israel for 2015, by The Banker, a publication of the Financial Times Group. Photo: Jacob J. Safra, Vice-Chairman of Safra National Bank. (Bilan)]]>

$TUI's Thomson Cruises to Acquire Legend of the Seas From Royal Caribbean $RCL

$TUI's Thomson Cruises to Acquire Legend of the Seas From Royal Caribbean $RCL

TUI AG (ETR: TUI1)(LSE: TUI) Thomson Cruises agreed to acquire the Legend of the Seas cruise ship from Miami-based Royal Caribbean Cruises Ltd. (NYSE: RCL), in the spring of 2017. Thomson Cruises, part of TUI UK & Ireland, is the third largest cruise line in the UK. TUI UK & Ireland. The purchase by TUI UK Ltd from RCI will see Thomson Cruises operate the vessel from May 2017, sailing from her homeport in the Mediterranean. The move comes a few weeks after Martin Gruschka‘s Swiss private equity firm Springwater Capital agreed to acquire a 51% stake in Pullmantur and Croisières de France (CDF) from Royal Caribbean. On April 28, TUI Group agreed to sell Hotelbeds for €1.2 billion to GNVA Acquisitions Limited, a company owned by UK private equity firm Cinven Capital and Canada Pension Plan Investment Board. Three weeks ago TUI said it plans to divest its Specialist Holidays Group (SHG) its global collection of niche holiday companies. “It’s an exciting time at Thomson Cruises as we bring to life our modernisation and transformation strategy to benefit UK cruise customers. This investment is another sign of our cruise business being a focus for driving growth in TUI UK and the wider TUI Group,” said Helen Caron, managing director of Thomson Cruises. “Since its inaugural sailing, Legend of the Seas has created many wonderful memories for hundreds of thousands of guests, and we expect this successful history to continue as she transitions to Thomson Cruises,” said Richard D. Fain, chairman and chief executive officer of Royal Caribbean Cruises. Legend of the Seas first entered service with Royal Caribbean in 1995, and was built by Chantier’s de L’Atlantique, now STX France, in St. Nazaire, France. The 69,130-gross-registered-tons ship carries 1,832 guests (double occupancy) and 726 crew. The vessel, to be renamed TUI Discovery 2, is the sister to the soon-to-be launched TUI Discovery and will increase the fleet to six ships. Legend of the Seas’ final sailing will be on March 13, 2017, with the officers and crew remaining with the company and will be transferred to other vessels worldwide after the ship leaves the Royal Caribbean International fleet. “The current round trip Brisbane, Australia sailings departing on January 6, 15, 29 and February 8 will operate as scheduled,” the company said. Going forward, its Rhapsody of the Seas and Vision of the Seas will be redeployed to accommodate its passengers. The acquisition marks four ships in the next four years for Thomson customers as the previously announced Mein Schiff 1 and Mein Schiff 2 will be acquired from TUI Cruises for the Thomson Cruises fleet in 2018 and 2019 respectively. There are currently five ships in TUI Group’s Thomson Cruises fleet – Thomson Dream, Thomson Majesty, Thomson Celebration, Thomson Spirit and TUI Discovery which joined the fleet in summer 2016. The TUI Group, formerly Preussag AG, is the world’s leading tourism group, operating in around 180 destinations across the globe. The Group provides services along the entire tourism value chain for its 30 million customers. The company was founded in 1923. It embraces global leaders in the tour operator business, 1,800 travel shops and top online portals in Europe, five tour operator-airlines flying more than 140 state-of-the-art medium- and long-haul aircraft, over 300 hotels in its own portfolio under premium brands such as Riu and Robinson, and a cruise fleet of 13 ships. In the financial year 2014/15, the TUI Group with its 76,000 employees, generated a turnover of €20 billion. Global responsibility for sustainable economic, environmental and social activity is the core of its corporate culture. TUI is jointly listed on the Frankfurt Stock Exchange and the London Stock Exchange as a constituent of the FTSE 100 Index. The company has a market capitalization of €7.88 billion. Having for more than 70 years been an industrial business operating as Preussag AG the company known today as TUI AG entered the tourism market in 1997 with the acquisition of one of Germany’s leading tourism companies Hapag-Lloyd. Further tourism acquisitions followed and the company started to exit from its industrial businesses. Acquiring some of the biggest names in European tourism including, Thomson, Fritidsresor and Nouvelles Frontières and shareholdings in the hotel groups RIU and Magic Life TUI AG created one of the world’s leading tourism groups. Royal Caribbean Cruises Ltd. is a global cruise vacation company that owns Royal Caribbean International, Celebrity Cruises, Pullmantur, Azamara Club Cruises and CDF Croisières de France, as well as TUI Cruises (a brand aimed at a German-speaking audience) through a 50 percent joint venture with Germany’s TUI AG. Together, these six brands operate a combined total of 46 ships with an additional ten on order. They operate diverse itineraries around the world that call on approximately 490 destinations on all seven continents. The company was founded in 1997 when Royal Caribbean international, founded in 1968, merged with Celebrity Cruises, founded in 1988. RCL is the world’s second-largest cruise line operator, after Carnival Corporation & plc. As of June 3, 2016 RCL had a market capitalization of $16.44 billion.]]>

Gruschka's Springwater Buys 51% of Pullmantur and CDF From Royal Caribbean $RCL in JV Deal

Gruschka's Springwater Buys 51% of Pullmantur and CDF From Royal Caribbean $RCL in JV Deal

Martin Gruschka‘s growing Swiss private equity firm Springwater Capital agreed to acquire a 51% stake in Pullmantur and Croisières de France (CDF) from Miami-based Royal Caribbean Cruises Ltd. (NYSE: RCL). As part of the deal, Springwater and RCL are forming a joint venture to bring best-in-class cruise experiences tailored to Spanish and French tourists through the Pullmantur and CDF cruise brands. RCL will keep a 49% stake, and retain full ownership of the ships and planes currently operated by Pullmantur and CDF, which will be leased into the joint venture. RCL will also provide marine operations services to Pullmantur and CDF through a management agreement. The joint venture expands on a pre-existing partnership between RCL and Springwater for Wamos, the air transport, travel agency, and tour operation businesses previously known as Pullmantur Air, Pullmantour Circuitos Turísticos, City Tours, Tour Operación, and Nautalia Viajes. Springwater Capital acquired control of the group in September 2014, with RCL retaining a minority stake in Nautalia Viajes and Pullmantur Air. The investment also expands Springwater’s existing tourism portfolio, which includes airline and travel agency investments in Spain, France and Portugal. “Pullmantur and CDF have a long history of offering authentic, localized cruise vacations to their home markets,” said Richard D. Fain, chairman and CEO of Royal Caribbean. “We look forward to the new focus that this joint venture with Springwater will bring to these companies as they seek to grow.” “We are delighted to announce the joint venture with Royal Caribbean, and look forward to working with Pullmantur and CDF employees,’ said Martin Gruschka, founding partner, chairman and CEO of Springwater. “The transaction leverages our firm’s travel sector expertise, and will take advantage of Pullmantur and CDF’s strong client and travel industry relationships in the Spanish and French markets. These relationships – paired with Royal Caribbean’s cruise management – will create the foundation for a successful, long-term strategic partnership.” The joint venture is expected to be completed later this year, subject to customary closing conditions and regulatory approvals. It is expected to result in an immaterial one-time gain, which will be excluded from RCL’s key metrics. Pullmantur Cruises (Cruceros Pullmantur), headquartered in Madrid, is the largest Spain-based cruise line. It began operations in the late 1990s as an offshoot of the Madrid-based travel agency Pullmantur. Pullmantur Cruises, through its parent company, was purchased by Royal Caribbean Cruises in 2006. Following the acquisition by Royal Caribbean several transfers were carried out between the Pullmantur fleet and those of other Royal Caribbean brands. CDF Croisières de France is a subsidiary of Pullmantur Cruises, catering to the French cruise market, with French as the primary language used on board. It was founded in September 2007 as a subsidiary of RCL. [caption id="attachment_431814" align="alignleft" width="1024"]Pullmantur Cruceros. Breezes of the Med Pullmantur Cruceros. Breezes of the Med, Mare Nostrum Magic on a Cruise[/caption] Royal Caribbean Cruises Ltd. is a global cruise vacation company that owns Royal Caribbean International, Celebrity Cruises, Pullmantur, Azamara Club Cruises and CDF Croisières de France, as well as TUI Cruises (a brand aimed at a German-speaking audience) through a 50 percent joint venture with Germany’s TUI AG. Together, these six brands operate a combined total of 46 ships with an additional ten on order. They operate diverse itineraries around the world that call on approximately 490 destinations on all seven continents. The company was founded in 1997 when Royal Caribbean international, founded in 1968, merged with Celebrity Cruises, founded in 1988. RCL is the world’s second-largest cruise line operator, after Carnival Corporation & plc. As of May 12, 2016 RCL had a market capitalization of $16.3 billion. Springwater Capital LLC is an independent private investment firm founded in 2002. The company invests in different sectors throughout Europe always working closely with its portfolio companies’ management in order to achieve long-term sustainable returns. The secretive firm specializes in reorganization, restructuring, acquisition, special situations, and special opportunities transactions like turnaround and distressed investments. The firm seeks to invest in the media, real estate and entertainment sector, preferably in Europe. Springwater makes non-operational control investments. A control position is not needed in case of special opportunity investments, but an influential role is required in order to actively co-drive the restructuring process. It typically invests in debt and equity. Springwater Capital was founded in 2002 and is based in Geneva, Switzerland with additional offices in London, UK; Luxembourg; Madrid, Spain; and New York, N.Y. The firm has performed over 30 acquisitions and its current portfolio includes more than 20 platform companies with about €3bn in sales. In Spain Springwater has invested in companies such as Wamos, Aernnova, Delion, Daorje, Nervión Industries (Monesa), Fivemasa, Ceyde, Think Textil, Imtech, Peggy Sue’s or SGEL. In the tourism sector, Springwater has presence through affiliated companies in several countries such as Spain, Portugal, Italy, France and selected locations in Africa. Springwater does not seek to know the operational aspects of its portfolio companies in depth, it says, and presumably it does not need to know.  The firm manages the numbers, strategies and human resources of its portfolio companies in five major areas as diverse as renewable energy, engineering, tourism, engineering, and business processes and outsourcing. Springwater’s founder and brash private equity dealmaker Martin Gruschka seems to have an eye for this line of business.

“Sometimes it’s an advantage not know the business, because you neither know the vices nor the processes,” Gruschka recently told Spain’s Economia Digital. “Although it isn’t always the best solution, it’s not necessarily bad for a fresh person to come in, who doesn’t know the sector.”
Photo: Martin Gruschka, Founding Partner, Chairman and CEO of Springwater Capital LLC.]]>