ZR Group Holding to acquire Faqra Club Holding in Lebanon
The estimated US $38 million deal includes a total of 150,000 sqm land and leisure amenities
According to news portal business.com.lb, ZR Group Holding, owned by Teddy and Raymond Rahme, is set to acquire Faqra Club Holding, which owns Faqra Club and Societe Libanaise Des projects Touristiques (Soloiporo), the Club's management company.
An initial agreement to acquire Faqra Club has been reached, according to the report, which also mentioned that a few more days were needed to close the deal. Also revealed was that the estimated $37.8 million deal includes "a total of 150,000 sqm of land plots, but that the company also carries some $20 million of debt on its book," which the report said would be transferred in the deal.
In its report, business.com.lb said that ZR Group Holding includes companies that have several activities including real estate, banking, catering, and oil and gas imports. The report also mentioned that Raymond Audi, the long-term chairman of Bank Audi who now acts in an honorary capacity is a main founder of Faqra Club Holding. Founded in 1974, Soloiporo handles all key areas of the Club's operations, said the report.
Faqra Club includes ski slopes, horseback riding facilities, basketball courts, several restaurants, a wedding venue and L'Auberge de Faqra, a boutique hotel.