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Challenger Acquisitions Ltd makes headway on wheel plans

Last updated: 02:46 31 Mar 2016 EDT, First published: 21:46 30 Mar 2016 EDT

view into a London Eye pod looking over the capital
Eye on the prize: The firm is making progress.

Mark Gustafson, chief executive of Challenger Acquisitions Ltd (LON:CHAL),said the company has entered a “transformational period” as looks to develop its pipeline of 25 new projects.

The company was set up to manage the development of and invest in giant observation wheels and its technical team is one that helped create the London Eye on the South Bank of the Thames.

Its aim is to “target” at least one major project for start-up a year - and judging from the latest progress report it is on track to do this.

In Europe, Challenger said it is in process of securing one site and has identified a second development opportunity in another city.

Architects have been “mobilised” and the initial contact with decision-makers of both cities has been positive.

The firm said three other developers in separate locations have requested direct input from Challenger and its specialist subsidiary, Starneth.

In fact, lump sum turnkey project management bids have been sent to the trio of developers and they are now in discussions with their investors and respective city officials.

Things are also hotting up in Asia where it is working with a wheel team in the Indonesian capital Jakarta, which is close to securing financing for its project.

Elsewhere in the region, it said it is “actively supporting” developers in two further cities outside of China and three cities inside the People’s Republic.

Challenger has the potential to take an equity stake in one of the Chinese projects in much the same way as it has acquired a 3% shareholding in the US$500mln New York wheel.

In the Middle East, management bids have been sent to three cities, the company confirmed, while in the Americas it is currently supporting developers of attractions in the US, Canada and South America. The most active territory is the States.

"This is a transformational time for Challenger,” said CEO Gustafson. 

“We are currently at various stages of discussion with regards to multiple giant observation wheel opportunities in our four chosen regions of the world, Europe, Asia, the Middle East and the Americas. 

“With strategic regional offices located in these areas to support our active growth strategy, and as a result of the hard work over many years by our global team, we are very confident that at least one new project from our pipeline of 25 projects will commence each year.  

“We look forward to providing further updates with regards to our progress on all fronts in due course."

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