BLV Realty Group, Inc Acquires Its Affiliate Partner and Preserves Its Brands

NEW YORK, Aug. 23 /PRNewswire/ -- BLV Realty Group, Inc ("BLV Realty" or "the Company") announces that it has entered into an Agreement ("The Agreement") with BLV Group International ("BLVGI") for the acquisition of all of its assets, trading subsidiary and trading interests.  

Background

BLV Group International incorporated in Cayman Island was a partnership between BLV Group ("The BLV Group Corporation") parent company of BLV Realty Group, Inc and its Icelandic Investor consortium, which was incorporated to acquire, develop and manage real estate assets globally (except United States). The Icelandic consortium provided equity investment into the partnership while BLV Realty Group, Inc provided expertise services through the setup of affiliate subsidiaries of the BLV Group International, in Europe (England) operating under limited license, by trading under the BLV brand such as the "BLV Realty Marketing Limited, BLV Realty Organization Designs Limited, BLV Realty Lifestyle Group Limited, BLV Realty Personnel Limited, BLV Realty II Limited and BLV Realty Personnel Compensation Limited and in Hong Kong through the subsidiaries,  BLV Group Advisors Limited, BLV Realty Organization (Asia Pacific) Limited and Essenza Hotels and Resorts. "BLV Group" through its subsidiary maintained a 35 percent interest in the partnership entity (BLV GROUP INTERNATIONAL) while the consortium maintained a 65 percent interest and BLV Group through its real estate subsidiary (BLV Realty Group, Inc) licensed the various subsidiaries of BLV Group International to provide development management, project management, interior designs and design management services to assets acquired by BLV Group International.

Following the economic downturn and especially the financial turmoil the partnership was unable to fulfill all of its obligations, particularly in Europe (London- England), and BLV Realty Group, Inc agreed to acquire the remaining interests of the consortium by acquiring 65 per cent of BLV Group International.

BLV Realty Group, Inc following the acquisition will restructure the entire assets and trading activities of BLV Group International, by subsuming the operations of the existing BLV Group International European subsidiaries (BLV Realty Marketing Limited, BLV Realty Personnel Limited and BLV Realty Lifestyle Group Limited and BLV Realty Personnel Compensation Limited) into its wholly owned subsidiary BLV Realty Organization (Europe) Inc trading as BLV REALTY ORGANIZATION. It will then surrender 3 of the corporate entities for dissolution. BLV Group Holdings Limited will be amended by name to BLV Group Trademark Holdings Limited to hold the several trademarks both wholly owned or acquired through this acquisition, and will provide trademark license to the operating companies. BLV Realty Personnel Compensation Limited will operate as a wholly owned subsidiary of BLV Realty Organization (Europe) Inc offering management and professional expertise services globally.

Both BLV Realty Organization (Asia Pacific) Limited and BLV Group Advisors Limited will become wholly owned subsidiaries of BLV Realty Group, Inc.

The other subsidiaries of BLV Group International not required will be liquidated, or allowed to be liquidated depending on any pending legal issues, as the trading subsidiaries and trading interests are acquired without liability.

BLV Realty Group, Inc is a 100 percent wholly owned subsidiary of BLV Group "The BLV Group Corporation". Following the acquisition of BLV Group International subsidiary companies, BLV Realty Organization, Inc in North America, BLV Realty Organization (Europe) Inc in Europe and BLV Realty Organization (Asia Pacific) Limited will operate as the core real estate trading and services (non asset) subsidiaries with sub-subsidiaries operating through them in various global regions.

BLV Realty Group, Inc intends to sell a majority of the acquired assets of BLV Group International, especially the non income generating assets, with proposal to reinvest the proceeds into new hospitality assets as part of its strategy to boost its hospitality asset holdings.

Caution

BLV Group International is not a shareholder or subsidiary of BLV GROUP "The BLV Group Corporation" (including affiliates and Subsidiaries). The transaction described above has been negotiated based on the current market value for the assets and trading interests. The Board and Management of BLV Realty Group, Inc warrant that it has no management control over the decisions of BLV Group International.

Comments from Raheem J. Brennerman

Global President & Chief Executive

"I am glad to have been part of the "BLV" team at this critical point in its expansion plans given the sensitivity of this asset acquisition, trading subsidiaries and trading interests of the BLV Group International. We will be able to continue with our business expansion plans also noting that our corporate brand is now in safe hands with the required commitment for expansion. Also, commenting on my time as Chief Executive of BLV GROUP, this has been an exciting and rewarding experience, as Chief Executive I am glad to have been able to leave behind a company with strong assets, global operation and the appropriate strategy for further expansion"

Mr. Brennerman is expected to step down as Global President & Chief Executive of BLV Group at the end of the year, to focus mainly on Oil & Gas, where he is appointed as Executive Chairman and Chairman of the Board. Member Brennerman will however remain on the Board of BLV GROUP as a Non Executive Director and Non Executive Chairman of the Advisory Board.

The Company will announce the appointment of a new Chief Executive shortly.

Notes to Editors

About The BLV Group Corporation

BLV GROUP "THE BLV GROUP CORPORATION" is the parent company for all BLV Group Companies. In the United States, BLV Group and its Subsidiary corporations has presence in the State of Delaware, State of New York (New York City), State of California (San Francisco) with the main corporate office in the State of New York (New York City) and other representative or operating offices in the State of California and Delaware.  

BLV Group is a leading multi disciplined organization with focus in real estate investing and development, Oil & Gas advisory services, hospitality, lifestyle and non profit. The firm provides a wide range of services worldwide to a substantial and diversified client base that includes corporations, governments and high net worth individuals. Founded in 2004, it is one of the fastest growing and dynamic firms. The firm is headquartered in New York City, and maintains offices in London, Hong Kong, San Francisco and other major financial centers around the world. More information at www.blvgroup.com, www.blvrealtyorg.com    

SOURCE BLV Realty Group, Inc