MAGNAT Real Estate AG / Key word(s): Disposal
14.06.2013 / 09:50
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- Sale of co-proprietor's building schemes in Vienna results in positive
effect on earnings
- Consolidated liabilities down by around EUR 2.8 million
- Substantial costs savings achieved as early as the current fiscal year
Frankfurt am Main, June 14, 2013 - MAGNAT Real Estate AG ('MAGNAT', ISIN
DE000A0XFSF0) today announced that the last residential units of its
remaining co-proprietor's building schemes in Vienna and the asset
management of co-proprietor's building schemes that were already placed on
the market were sold en bloc in Vienna. The total transaction resulted in a
positive effect on earnings of around EUR 0.6 million, which will become
effective as early as the first quarter of the current 2013/2014 fiscal
year (1 April to 30 June 2013). The sale also triggered a significant
reduction in consolidated liabilities by around EUR 2.8 million. As of 31
December 2012, the Group's liabilities had still amounted to EUR 22.3
million.
After this transaction, the company will not make any new investments in
the Austrian market for co-proprietor's building schemes, thus sharpening
its new focus on Germany and commercial properties for German small and
medium-sized enterprises (SMEs). Accordingly, the Board of Management and
the Supervisory Board will propose to the extraordinary General Meeting
taking place at Frankfurt on 27 June 2013 that the company be renamed
'DEMIRE Deutsche Mittelstand Real Estate AG'. Furthermore, the sale and the
withdrawal from the Austrian market will result in substantial cost savings
and a reduction in the Group's complexity as early as the current 2013/2014
fiscal year. This will provide a substantial boost to the cost savings
programme initiated in the 2012/2013 fiscal year just ended.
Hon.-Prof. Andreas Steyer, the company's CEO, explained: 'We sold all of
our business activities in Austria with a profit and are now focusing
squarely on commercial properties for German SMEs. This also entails
significantly lower costs and a clear company structure.'
Contact
MAGNAT Real Estate AG Press Relations
Investor Relations edicto GmbH
Lyoner Straße 32 Axel Mühlhaus / Werner Rüppel
D-60528 Frankfurt am Main Phone: +49 (0) 69-905 50 55 2
Phone: +49 (0) 69-719 189 79 0 Email: amuehlhaus@edicto.de
Fax: +49 (0) 69-719 189 79 11
Email: ir@magnat.ag
Web: www.magnat.ag
End of Corporate News
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Language: English
Company: MAGNAT Real Estate AG
Lyoner Straße 32
60528 Frankfurt am Main
Germany
Phone: +49 (0)69 / 719 189 79 0
Fax: +49 (0)69 / 719 189 79 11
E-mail: info@magnat.ag
Internet: www.magnat.ag
ISIN: DE000A0XFSF0
WKN: A0XFSF
Listed: Regulierter Markt in Frankfurt (General Standard);
Freiverkehr in Berlin, Stuttgart
End of News DGAP News-Service
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