Challenger Acquisitions Limited New York Wheel Construction Update
October 20 2016 - 2:00AM
RNS Non-Regulatory
TIDMCHAL
Challenger Acquisitions Limited
20 October 2016
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR
INDIRECTLY, WITHIN, INTO OR IN THE UNITED STATES, AUSTRALIA, CANADA
OR JAPAN.
For Immediate Release
20 October 2016
Challenger Acquisitions Limited
("Challenger" or the "Company")
New York Wheel Construction Update
Challenger Acquisitions Limited (LSE: CHAL), a leader in the
Giant Observation Wheel industry, is pleased to provide an update
on construction of the New York Wheel Project ("NYW Project"), a
large entertainment complex currently being built on the New York
Harbour, which will feature a 630ft Giant Observation Wheel
("GOW"), a 68,000 sq ft terminal and retail building, a 950 space
parking garage and a 5,000-person capacity green roof for events.
Challenger has made an investment of US$3 million representing a 2%
equity stake in the NYW Project.
Approximately US$300 million has been spent on the NYW Project
to date, with major developments so far including:
-- The foundation for the GOW pad is now complete (8,000 cubic
yards of concrete and 1,800 tons of structural steel). The four leg
pedestals (totaling 90 tonnes apiece) have been fabricated and are
enroute for installation from Montreal.
-- The majority of the parking garage is now operational (825 of
the 950 spaces). It is operating under a Temporary Certificate of
Occupancy whilst the Mechanical Electrical Plumbing work is being
completed to open the entire facility on a permanent basis in
December.
-- A 465ft crane has arrived at the Brooklyn prep site to start
the erection process for some of the main components for the GOW.
It will be assembled on site in November.
-- The foundation for the terminal building is now mostly
complete with steel erection well underway for the structure. It
will be structurally complete in December.
-- The legs for the wheel have arrived in the South Brooklyn
Marine Terminal. Each of the four legs weighs 550 tonnes, measuring
18 feet wide and 275 feet tall (please see the photographs on the
following link:
http://www.rns-pdf.londonstockexchange.com/rns/9939M_-2016-10-19.pdf)
They will be deployed to the site and erected onto the pedestals in
December.
-- Manufacturing continues on the other major components such as
the rim, cables, spindle, drive towers, capsules, electrical and
control cabinets, etc.
Construction commenced in May 2015 with a total cost now
estimated at US$590 million. The grand opening is April 2018 with
an estimated 3.5 million annual visitors expected. The 630ft
observation wheel, which will be 50% larger than the London Eye
once constructed, will provide passengers with a panoramic view of
major landmark sites, including the New York Harbour, the Statue of
Liberty, the Verrazano Bridge, Staten Island and the Lower
Manhattan skyline.
For more information see www.newyorkwheel.com, which includes a
live webcam of the construction site.
Mark Gustafson, the Company's Chief Executive Officer said: "The
NYW Project continues to make fantastic progress in advancing
towards its commercial opening. As the only public company with an
equity stake in this US$590 million project we have secured what we
believe to be a unique and extremely prospective investment
opportunity for our shareholders. Following a recent tour of the
New York Wheel site we can see that the changes on the ground are
substantial and the vast scale of the project is becoming very
apparent. The four legs, on which the largest GOW in the world will
sit, have now been delivered and the next delivery will be the
pedestals for the legs. Now that the above ground additions are
underway, including the terminal building and the wheel itself, the
next 18 months will be very exciting as we progress towards the
grand opening targeted for April 2018."
This announcement contains inside information.
**ENDS**
For more information visit www.challengeracquisitions.com or
enquire to:
Challenger Acquisitions Limited
Mark Gustafson +1 604 454 8677
St Brides Partners Ltd (PR)
Lottie Brocklehurst, Charlotte +44 (0) 20 7236
Page 1177
finnCap (Financial Adviser
and Broker)
Adrian Hargrave, James Thompson, +44 (0) 20 7220
Kate Bannatyne 0500
Notes to Editors:
Challenger (LSE: CHAL) is focused on the design, engineering,
project management and investment in select giant observation
wheels. By combining its world-class team of technical engineering
and project management skills with proven international financial
expertise, the Company is ideally positioned to become a leader in
the giant observation wheel sector.
The Company, which also has a US$3 million equity interest in
the US$590 million New York Wheel Project, is currently focusing on
appraising approximately 25 opportunities in its project pipeline
where it believes that it can utilise its expertise. With a team
that has worked on four of the largest giant observation wheels
constructed over the last 16 years, including the iconic London
Eye, the Company is building on its unique position to deliver
projects and generate shareholder value.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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