MAGNAT Real Estate Opportunities GmbH & Co. KGaA / Disposal
22.03.2010 13:39
Dissemination of a Corporate News, transmitted by
DGAP - a company of EquityStory AG.
The issuer / publisher is solely responsible for the content of this announcement.
---------------------------------------------------------------------------
MAGNAT enjoys inflow of over eight million euro from lucrative partial sale
of the Turkish 'YKB' portfolio
- Gratifying return from the sale of the 'Sisli' property, which covers
an area of 3,660 square metres
- Proceeds from the sale equate to 2 times the purchase price
- Sale will be recognised on MAGNAT's Q4 income statement
- Already sound cash position further strengthened
Frankfurt am Main, 22/03/2010 - MAGNAT Real Estate Opportunities GmbH &
Co. KGaA ('MAGNAT', ISIN DE000A0XFSF0) is able to announce the sale of the
'Sisli' property, which is part of the YKB portfolio and covers an area of
3,660 square metres. MAGNAT holds a 33.3% stake in the YKB portfolio and
will receive EUR 8.5 million from the sale.
The 'Sisli' property was acquired in July 2007 as part of the overall
portfolio and is centrally located in Istanbul in one of the main shopping
streets. The Turkish capital is marked by rapid population growth and
therefore it was possible to achieve a respectable appreciation in value.
Initially planned as a development project, it was sold as property
following an attractive purchase offer. Originally acquired for EUR 12.8
million and with a selling price of EUR 25 million, an IRR amounting to
about 32% was achieved.
MAGNAT holds a 33% stake in the YKB portfolio and originally invested some
EUR 21 million in equity. Re-marketing of the YKB portfolio has been
extremely positive thus far and a total of about EUR 17 million has flowed
back into the Company from this portfolio. Further inflows are expected in
the coming months.
Jan Oliver Rüster, CEO of MAGNAT, comments: 'This very profitable sale of
the Sisli property is extremely gratifying and within just a few months it
is another success story from our Turkish portfolio, which continues to
comprise very interesting projects that will attract an equally appealing
return. Once again, we have substantiated the sustainability of our
business model and strategy. Our well diversified portfolio again proofs
the ability to absorb economic volatilities. For MAGNAT this sale means a
further strengthening of our solid liquidity and will have a positive
impact on our earnings in the fourth quarter.'
About MAGNAT:
MAGNAT Real Estate Opportunities GmbH & Co. KGaA is the first real estate
company with a focus on property development in Eastern European, Austrian
and German metropolitan areas to be listed in Frankfurt.
MAGNAT has evolved into an integrated real estate group. The Company covers
the entire value chain - from acquisition across development through to the
sale of projects and land. In addition, the Group provides real estate
asset management for third parties in particular via its subsidiaries.
The strategy of MAGNAT is designed to exploit inefficiencies in real estate
markets. Unlike the traditional 'Buy & Hold' approach, MAGNAT takes a
'Develop & Sell' or 'Buy & Sell' approach, which focuses on property
development supplemented by portfolio trading.
MAGNAT investors participate in development returns in Eastern Europe,
South-Eastern Europe, the Commonwealth of Independent States (CIS) as well
as in Germany and Austria.
MAGNAT Real Estate Opportunities GmbH & Co. KGaA
Dominic Köfner, CIRO
Head of Corporate Communications
Lyoner Strasse 32
D-60528 Frankfurt am Main
Tel.: +49 (0) 69 719 189 79 36
Email: dominic.koefner@magnat-reop.com
www.magnat-reop.com
Press Relations
edicto GmbH
Axel Mühlhaus/Werner Rüppel
Tel.: +49 (0) 69 905 50 55 2
Email: amuehlhaus@edicto.de
22.03.2010 Ad hoc announcement, Financial News and Media Release distributed by DGAP.
Media archive at www.dgap-medientreff.de and www.dgap.de
---------------------------------------------------------------------------
Language: English
Company: MAGNAT Real Estate Opportunities GmbH & Co. KGaA
Lyoner Straße 32
60528 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
---------------------------------------------------------------------------
