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PRESS RELEASE: ADLER Real Estate AG: ADLER Real Estate optimizes its holdings at the end of the year
DGAP-News: ADLER Real Estate AG / Key word(s): Miscellaneous ADLER Real Estate AG: ADLER Real Estate optimizes its holdings at the end of the year
02.01.2014 / 15:21
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ADLER Real Estate optimizes its holdings at the end of the year
- Disposal of minority interest
- Acquisition of an additional residential property portfolio
- Holdings extended by 10,000 residential units within one year
Hamburg, 2 January 2014. Shortly before the end of the year ADLER Real Estate AG Frankfurt/M., (ISIN DE0005008007) managed to optimize its residential property portfolio, which has been significantly extended within the previous year, according to the company's strategy. ADLER could sell its 49 percent stake, which therefore was a minority interest in a real estate portfolio consisting of approx. 1,200 residential units, which was acquired at the end of August 2013, to its joint venture partner. In return ADLER acquired a majority interest in a housing association in Lower Saxony which altogether comprises approx. 2,400 residential units. 'We decided to dispose the holding in which we only held a minority interest as in the long term we will focus solely on those holdings which we can independently run and optimize based on a majority interest', explains CEO Axel Harloff. Closing of the transaction is planned for the next weeks. Altogether ADLER is further expanding its residential property portfolio to now approx. 10,000 residential units with an investment volume of approx. EUR 530 million. The portfolio fits very well in ADLER's portfolio strategy. This focuses on the acquisition of residential properties in B-locations which generate positive cash flow and show potential for appreciation. The properties are located in cities and communities close to the city of Wolfsburg where the Volkswagen Group is headquartered.
For the financing of the latest acquisitions ADLER can use liquidity from last week's successfully placed convertible bond 2013/2018 with a volume of EUR 11.25 million such as further liquidity of EUR 3.0 million from the disposal of the minority holding. The sale had no additional effect on ADLER's earnings in 2013, but confirms over 90 percent of the at-equity-valuation of approx. EUR 9.0 million which had already been reflected in the company's results of the third quarter.
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PRESS RELEASE: ADLER Real Estate AG: ADLER Real Estate optimizes its holdings at the end of the year
PRESS RELEASE: Grand City Properties S.A. continues the growth plan and successfully acquires additional properties
DGAP-News: Grand City Properties S.A., / Key word(s): Real Estate Grand City Properties S.A. continues the growth plan and successfully acquires additional properties
02.01.2014 / 17:30
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GRAND CITY PROPERTIES S.A. Luxembourg, January 2, 2014.
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, OR ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF APPLICABLE LAWS OR REGULATIONS
Grand City Properties S.A. continues the growth plan and successfully acquires additional properties
Grand City Properties S.A. (the 'Company') successfully completed the acquisition of several portfolios. As of January 2014 the portfolio includes over 26,000 units and positions the Company's gross rental income run rate on approx. EUR170 million per year.
The Company intends to continue its growth in 2014 and currently is in advanced process of closing of several additional under-performing property portfolios with a total volume of more than EUR200 million.
The portfolios are consistent with the Company's business strategy, and the geographic distribution is with primary focus on North Rhine-Westphalia and Berlin.
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PRESS RELEASE: Grand City Properties S.A. continues the growth plan and successfully acquires additional properties