SPAIN – Dinamia writes down BodyBell and Colegios Laude

N+1 and Dinamia invested EUR 43m for a 60% stake in perfume retail chain Bodybell in early 2005. General Electric Asset Management, Partners Group and Lombard Odier also invested bringing total equity invested to about EUR 70m. In September last year, Mercapital acquired a 50% stake in the business as part of a EUR 58m capital increase. The remaining 50% remained with the incumbent shareholder group, led by N+1.

Private school group Colegios Laude has also been hit by the current economic climate and seen a drop in enrolment figures.

Dinamia's portfolio valuations for Q1 2009 show a 8.4% decrease compared with results from Q4 2008, with NAV dropping from EUR 25.45 to EUR 16.73 over the last year.

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