Trade Fair "Rimini" expects to become new owner of Belgrade Trade Fair - projected investments exceed 35m EUR

- If it buys the Belgrade Trade Fair, the consortium made of Italian Trade Fair "Rimini" and Belgrade-based company "Verano Motors" plans to invest more than mandatory 35m EUR in modernization of that company and construction of new halls - the representatives of "Rimini" announced today (July 7, 2009).

That consortium is the only bidder on the tender for sale of 70% of the Belgrade Trade Fair, which was announced in December 2008.

At the request of the Privatization Agency, the bidder supplemented its qualification documentation today and it expects to become the new owner of the Belgrade Trade Fair.

The capital of the Belgrade Trade Fair is estimated at 20.5m EUR. The Trade Fair occupies total of 22 ha, it owns facilities at 106,241 square meters, including six exhibition halls.

The chief architect of Trade Fair "Rimini" and the new Belgrade Trade Fair project, Edvard Mijić, explained at the press conference that three halls at 25,700 square meters would be kept, one of which was under the protection of the state, while the remaining two were not, but they can not be torn down, but only reconstructed.

Mijić said that other exhibition halls would be torn down and that eight new halls would be built at the surface of 27,500 square meters, as well as congress center with 1,600 seats, restaurants and other catering facilities at 4,500 square meters.

According to the plans of the consortium comprising "Rimini" and "Verano Motors", investments in the Belgrade Trade Fair should be realized within the next three years, that is, detailed land-utilization plans should be made within the next year or two.

Construction of new business building and an underpass beneath current railway tracks is in the pipeline, and it has not been determined yet how the location of the Belgrade Trade Fair, at the surface of about 11.5 ha, will be used.

The Ambassador of Italy to Serbia, Armando Varrichio, said that the relations between Italy and Serbia were exceptionally good, and he pointed to the willingness of Italian Government to back the offer submitted by Rimini Trade Fair.

That investment, as he added, would have positive influence on future development of the Belgrade Trade Fair, as well as Serbia's economy sector.

The CEO of the Rimini Trade Fair, Piero Venturelli, pointed out that the estimates were that 1 RSD spent on the trade fair would bring 8 to 10 times greater benefit to local economy. He said that the annual turnover of that trade fair, the third largest in Italy, amounted to 97m EUR.

Takeover of the Belgrade Trade Fair would be the first of the kind ever done by Trade Fair Rimini, which has the same share as "Verano Motors" in the consortium that has submitted the bid for the Belgrade Trade Fair.

The Belgrade Trade Fair registered 15.32m EUR worth of incomes in 2007, while the incomes from services in the period 2003-2007 grew every year by average of 14.2%.

According to the data provided by the Business Registry Agency, the Belgrade Trade Fair registered profit of 148m RSD in 2008, and it had 231 workers.