Latinoamerican Office Properties to Conquer Real Estate Market in Latin America; FVI and Sam Zell's Equity International Properties Join Forces to Capture 10% of AAA Office Space.Business Editors CARACAS, Venezuela--(BUSINESS WIRE)--June 4, 2001 Fondo de Valores Inmobiliarios, S.A.C.A. "FVI FVI Family Violence Initiative FVI Fondo de Valores Inmobiliarios (South America) FVI Flexible Volatility Index (fuel quality) FVI Foreign Vessel Inspection " (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). : FVIMY), and Sam Zell Samuel "Sam" Zell (born September 1941) is a U.S.-born billionaire and real estate entrepreneur. He is co-founder and Chairman of Equity Group Investments, a private investment firm. will explore the real estate market through the formation of the Latinoamerican Office Properties (L.O.P.), providing both partners with the opportunity to expand their presence throughout Latin America Latin America, the Spanish-speaking, Portuguese-speaking, and French-speaking countries (except Canada) of North America, South America, Central America, and the West Indies. . The ultimate goal of this strategic partnership is to be recognized as the largest real estate office building operator in Latin America. Once fully incorporated, L.O.P. will be listed in the U.S. to provide international investors with an attractive vehicle to invest in region's real estate business. The alliance will allow FVI to diversify its investments beyond Venezuela and enhance shareholder value through the introduction of a new regional investment vehicle. "Our aim is to expand the success we enjoyed in Venezuela to other countries in Latin America, increasing our revenues and diversifying our risk. We plan to capture 10 percent of all the AAA AAA: see American Automobile Association. (Triple A) A common single-cell battery used in a myriad of electronic devices of all variety. Like its double A (AA) cousin, it provides 1.5 volts of DC power. When used in series, the voltage is multiplied. office space in the region in the next three to five years. We are looking forward to developing what we believe will be the future of real estate ownership and management throughout Latin America," said Luis Emilio Velutini, Chief Executive Officer of FVI. In characterizing the partnership, Sam Zell stated, "after meeting Luis Emilio it was clear that our philosophies and outlook for the region were very similar. I am pleased by the agreement reached with FVI to explore together the large potential of this market." FVI's partnership and new strategic plan were approved unanimously by the shareholders during the annual shareholders meeting held in Caracas, Venezuela, on April 2001,with a quorum A majority of an entire body; e.g., a quorum of a legislative assembly. A quorum is the minimum number of people who must be present to pass a law, make a judgment, or conduct business. of more than 90%. Latinoamerican Office Properties, will be headquartered in Caracas, Venezuela, and administrated by FVI's management team. It will also benefit from the support and extensive experience of Mr. Zell's Equity International Properties. F.V.I. Fondo de Valores Inmobiliarios, S.A.C.A. (FVI), a leading Venezuelan real The real (plural: reales) was the currency of Venezuela until 1837. History Until 1821, the Spanish colonial real circulated in Venezuela. In 1802, a mint was opened in Caracas and issued coins denominated in reales until 1821. estate company, is currently involved in the acquisition and operation of office, commercial and residential properties, primarily for rental. The Company is also active in the acquisition and development of properties, mainly through joint ventures with developers. Ventures are primarily located in Caracas, which is Venezuela's largest consumer and industrial market. |
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