MAGNAT Real Estate Opportunities GmbH & Co. KGaA / Disposal
17.11.2009
Dissemination of a Corporate News, transmitted by
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MAGNAT sees inflow of EUR 5 million from sale from the Turkish YKB
portfolio
- The 'Boronkay' property is sold with an area of 23,765 m²
- Selling price is 3.5 times the purchase price
- Sale will be recognised on cash flow statement for the third quarter;
significant strengthening of the Company's liquidity
Frankfurt am Main, 17 November 2009 - MAGNAT Real Estate Opportunities GmbH
& Co. KGaA (ISIN: DE000A0XFSF0) is able to announce the successful sale of
the 'Boronkay' property, which is part of the YKB portfolio and covers
23,765 m². MAGNAT holds a 33.3% stake in this YKB portfolio and will
receive EUR 5 million from the sale.
The 'Boronkay' property was acquired in July 2007 as part of the overall
portfolio and is located in Istanbul. The Turkish capital is marked by
rapid population growth and therefore it was possible to achieve a
respectable appreciation in value. Originally acquired for EUR 4.5 million
and evaluated at EUR 7.3 million, the selling price of EUR 15.7 million
means a return on investment amounting to 250%.
MAGNAT has held a 33.3% stake in the YKB portfolio since July 2007 and
originally invested some EUR 21 million in equity. Re-marketing of the YKB
portfolio has been very positive and therefore a total of EUR 8.5 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: 'The successful sale of that
part of our YKB project portfolio is very pleasing. To MAGNAT, the cash
inflow of EUR 5 million means a significant strengthening of liquidity.
However, more importantly we underpin the sustainability of our strategy
with this sale. This is a path that we are pursuing intensively and
consistently in the interest of our shareholders.'
About MAGNAT:
MAGNAT is a German real estate company which focuses on real estate
development in Eastern Europe supplemented by special business situations
in the home market of Germany and Austria. Management concentrates on
undervalued real estate markets and on markets with macroeconomic growth.
MAGNAT's strategy is designed to exploit inefficiencies. Unlike traditional
investment strategies, MAGNAT profits not only from rental income, but also
principally from attractive development returns. www.magnat-reop.com
Contact
MAGNAT Real Estate Opportunities GmbH & Co. KGaA
Dominic Köfner, CIRO
Head of Corporate Communications
Tel.: +49 (0) 69 719 189 79 36
Email: dominic.koefner@magnat-reop.com
Grüneburgweg 18
D-60322 Frankfurt am Main
Press Relations
edicto GmbH
Axel Mühlhaus/Werner Rüppel
Tel.: +49 (0) 69 905 50 55 2
Email: amuehlhaus@edicto.de
17.11.2009 Financial News distributed by DGAP. Media archive at www.dgap-medientreff.de and www.dgap.de
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Language: English
Company: 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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