MAGNAT Real Estate Opportunities GmbH & Co. KGaA / Disposal
Release of an Ad hoc announcement according to § 15 WpHG, transmitted by
DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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MAGNAT Real Estate Opportunities GmbH & Co. KGaA
Publication of a periodic announcement in accordance with Section 15 of the
German Securities Trading Act (WpHG). Transmitted by DGAP - an EquityStory
AG company. The issuer is responsible for the content of the announcement.
MAGNAT sells the Russian Sadko investment and in doing so reduces its
commitment in Russia
- The contract on the sale of the Russian Sadko investment was signed at
the end of March; prepayment of about 50% took place today.
- The investment backflow is around EUR 0.8 million. The Sadko investment
was acquired with original costs of around EUR 1.8 million.
- Adjustments in value, for example due to currency effects, were already
made in the previous periods. Therefore, it is not expected that the
transaction will further influence the fourth quarter result negatively.
Frankfurt am Main, 19 May 2009 - MAGNAT Real Estate Opportunities GmbH &
Co. KGaA ('MAGNAT') (ISIN: DE000A0J3CH0) has sold the Russian Sadko
investment. The investment, which was originally acquired for about EUR 1.8
million, was sold to the Russian project partner. Investment backflow is
around EUR 0.8 million. Since adjustments to the value were made in
previous periods due to currency effects, this sale, which will be posted
in the fourth quarter of the 2008/2009 fiscal year, will not further
influence MAGNAT's result negatively. The payment schedule provides for the
investment backflow to be made by 1 August 2009 in instalments, the first
instalment has been paid.
In recent weeks and months, the Management and the Supervisory Board of
MAGNAT have carefully evaluated developments in the international real
estate markets and, in particular, the extremely difficult Russian real
estate market. The outcome of this evaluation is that they have decided to
reduce the MAGNAT's commitment in Russia.
End of publication
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Information and Explaination of the Issuer to this News:
CEO of MAGNAT Jan Oliver Rüster: 'In consideration of the present,
difficult conditions in the Russian real estate market, the fact that
MAGNAT has succeeded in selling an investment is positive. Risk reduction
and the inflow of liquidity from this sale are definitive the right
strategic decisions.'
Contact:
Investor Relations
MAGNAT Real Estate Opportunities GmbH & Co. KGaA
Grüneburgweg 18
D-60322 Frankfurt am Main
Tel.: +49 (0) 69 719 189 79 36
E-mail: investor-relations@magnat-reop.com
19.05.2009 Financial News transmitted by DGAP
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Language: English
Issuer: MAGNAT Real Estate Opportunities GmbH & Co. KGaA
Grüneburgweg 18
60322 Frankfurt am Main
Deutschland
Phone: +49 (0)69 / 719 189 79 0
Fax: +49 (0)69 / 719 189 79 11
E-mail: info@magnat-reop.com
Internet: www.magnat-reop.com
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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