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Spain – Cora Alpha and Agostar Group strike agreement over Elysium City

By - 28 May 2019

The construction of a mega resort in Spain has taken another step closer to becoming a reality after an agreement was reached between Cora Alpha and Agostar Group PLC.

Cora Alpha the US company backing the casino resort being planned for Extremadura has announced that it has reached a “binding agreement” with Agostar Group PLC, a publicly traded company in the United Kingdom, specialising in the development and infrastructure of large-scale projects in order to develop the Elysium City mega project.

Agreement was reached on May 14. Agostar Group PLC is a publicly traded company in the United Kingdom specializing in the development and infrastructure of large-scale projects.

Both Agostar Group and its team of financial advisers, Elite Capital UK and Xafin SA Switzerland, “feel very honoured” and appreciate the opportunity they have given to participate in this “important project”, as stated by the executive director of Agostar Group José L. Agostino.

In addition, both the President of Cora Alpha, John Cora and executive director Francisco de Borbon Graf Von Hardenberg expressed their satisfaction with the financial arrangement and the long-term prospects of the relationship going forward.

Elysium City will be the first major smart sustainable city project in Europe planned and built from scratch, considering the 17 Sustainable Development Goals (SDGs) of the UN. In addition, the project will place Castilbanco and Extremadura as a unique destination at an international scale.

Agostar Group PLC is a UK Public Company founded in June 2016 incorporated on 8th April 2017 in England and Wales as a private limited company with the name Agostar Group Limited and was re-registered as a public company limited by shares on 12th June 2017 under the Companies Act 2006 with the name Agostar Group PLC. The company has listed on share matching service Britdaq and currently trades at around £1.00 with a valuation at today’s price of £1bn.

According to the company its “ long-term strategy is to continue to build on the large opportunities the directors currently enjoy, especially in Europe with the Elysium City project.”

Phase one of Elysium City will boast an 18-hole golf course, a football stadium with capacity for 40,000 spectators, a three- and a five-star hotels, a casino, a small marina, an adventure water park, and a theme park, among other amenities. It will create around 15,000 new jobs. Phase two will see more hotels, residential towers, floating islands, a larger marina, a convention centre and a Formula One track.

The President of Extremadura Guillermo Fernández Vara first announced the new measures to allow for a large-scale leisure facilities in the area in March. In April, the new bill received the favourable opinion of the Council of State. In July, the Assembly of Extremadura approved the bill. The new law was opposed by left wing populist party Podemos Party arguing that it was “tailored to suit casinos” as favourable conditions will be imposed when it comes to gambling taxes.

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