DGAP-News: GIEAG Gewerbe Immobilien Entwicklungs AG: Profitable residential unit sales in Emmering.
(firmenpresse) - DGAP-News: GIEAG Gewerbe Immobilien Entwicklungs AG / Key word(s):
Real Estate/Development of Sales
GIEAG Gewerbe Immobilien Entwicklungs AG: Profitable residential unit
sales in Emmering.
09.01.2012 / 10:13
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Emmering Residential Real Estate:
- Active asset management enables profitable sales
- The mobilization of hidden reserves has a positive effect on company
results
Munich, 09 January 2012: In 2008, GIEAG Gewerbe Immobilien Entwicklungs AG
(GIEAG) purchased real estate property in Emmering with 76 residential
units as well as logistics and forest space. Most of the purchased
residential units have been entirely or partially renovated. Due to
targeted new and renewed lease contracts, rent adjustments and intense
asset and property management activities, the net rental return has
significantly increased in the meantime.
The very advantageous market price development for residential real estate
in the greater Munich area provides GIEAG the possibility to effectively
mobilize hidden reserves. Emmering is located less than 30 kilometers from
downtown Munich and is connected to the urban railway line.
In order to develop a larger buyer's market, the concerned real estate
property was apportioned on the basis of the specifications of the German
residential property law (WEG) and converted into legally independent basic
property units. In recent months more than 20 residential units were
gainfully sold to owner-occupiers and capital investors. The sale of the
remaining residential units shall take place successively and be completed
in late 2013.
Philipp Pferschy, GIEAG Investor Relations: 'In addition to the further
sale of the legally independent basic property units, we plan to extend
construction on undeveloped property in the form of additional rental
units, one-family houses, row houses and parking spaces. In this regard,
GIEAG is acting as a project developer and property seller. Our partner in
this project is the firm 'Siedlungsbau Schwaben', which has operated for
more than 50 years as an independent apartment construction firm.
Altogether we are expecting a mid-range seven-figure turnover from the
Emmering residential project for the entire investment period.'
End of press release.
About GIEAG Gewerbe Immobilien Entwicklungs AG (GIEAG):
The quoted project development company GIEAG Gewerbe Immobilien
Entwicklungs AG, which is abbreviated as GIEAG and was founded in December
1999, supports its clients from the initial idea, to the financial and
realization of projects, and on to the sale of the finished property. Its
main focus is the realization of long-term retailing projects, office
buildings, and logistic centers located primarily in southern Germany. In
addition, GIEAG also operates as an investor for residential real estate
with particularly high potential for development. The Internet site
www.gieag.de provides you an overview of our corporation, as well as its
history and our portfolio of services.
GIEAG Gewerbe Immobilien Entwicklung AG
Investor Relations, Philipp Pferschy
Oettingenstraße 35
80538 München
Email: ir(at)gieag.de
Tel: +49 89 290516-13
End of Corporate News
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151897 09.01.2012
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Datum: 09.01.2012 - 10:13 Uhr
Sprache: Deutsch
News-ID 101903
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Kategorie:
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