MAGNAT Real Estate AG / Key word(s): Real Estate/Disposal
08.11.2011 / 16:21
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Schrödterhaus property in Leipzig sold
- Purchase, successful renovation, rental and disposal
by MAGNAT Asset Management
- Sale price significantly above book value
- Substantial cash inflow for owner SQUADRA Immobilien Gruppe
- MAGNAT Asset Management receives a performance-related component
Frankfurt am Main, November 8, 2011 - Under the management of MAGNAT Asset
Management Deutschland GmbH, a subsidiary of the listed MAGNAT Real Estate
AG ('MAGNAT', ISIN DE000A0XFSF0), the SQUADRA Immobilien Gruppe has
disposed of the Schrödterhaus property in Leipzig. The sale price achieved
after successful renovation is significantly above the property's book
value and will result in a substantial cash inflow for SQUADRA
Immobiliengruppe in which MAGNAT has a 16% holding. BNP Paribas Real Estate
(Leipzig) was exclusively involved in the disposal in its capacity as a
broker. MAGNAT Asset Management earns a performance-related component,
which will be received during the current 2011/2012 financial year, from
the disposal which generated a profit for its customer SQUADRA.
The property located in Leipzig's city centre with a rental area of
approximately 8,500 m² was acquired at the end of 2008 with a vacancy rate
of around 95% and was extensively renovated between mid-2009 and the end of
2010 with an innovative concept. For example, the Schrödter Lounge - which
is available for use by all tenants - was constructed on the 7th floor of
the building above the rooftops of Leipzig. The occupancy rate now stands
at around 80% and negotiations are at an advanced stage over the remaining
vacant space with existing and new tenants. The purchase, renovation,
rental and disposal were carried out by MAGNAT Asset Management as part of
an asset management mandate.
As Dr. Marc-Milo Lube, CEO of MAGNAT, stated: 'The concluded sale
represents a major success for our highly qualified asset management team
in Germany. We have managed to achieve success in a challenging Leipzig
market thanks to an innovative renovation concept. This impressively
highlights the outstanding performance of our German asset management
team.'
About MAGNAT
MAGNAT Real Estate AG is the first Frankfurt-listed real estate company
that focuses on property development in Eastern European, Austrian and
German conurbation areas.
MAGNAT is an integrated real estate group, covering the entire value chain
comprising the purchase, development and sale of projects and construction
land. The Group also offers real estate asset management.
Kontakt
MAGNAT Real Estate AG
Investor Relations
Lyoner Straße 32
60528 Frankfurt/Main
Telefon: +49 (0) 69-719 189 79 0
Telefax: +49 (0) 69-719 189 79 11
Email: ir@magnat.ag
Web: www.magnat.ag
Press Relations
edicto GmbH
Axel Mühlhaus / Werner Rüppel
Telefon: +49 (0) 69-905 50 55 2
Email: amuehlhaus@edicto.de
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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