DGAP-News: KWG Kommunale Wohnen AG: KWG buys 506 apartments for a mixed contribution in kind based on a share price of 7 euros
(firmenpresse) - DGAP-News: KWG Kommunale Wohnen AG / Key word(s): Miscellaneous
KWG Kommunale Wohnen AG: KWG buys 506 apartments for a mixed
contribution in kind based on a share price of 7 euros
20.12.2010 / 07:56
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- Expansion of our presence in the Celle and Bremen regions
- Purchase price factor 10.6
- 85% of purchase price financed by loans
- Equity requirement financed through shares based on a 7 euro valuation
Hamburg - 20th December 2010 - KWG Kommunale Wohnen AG, a long-term
owner-operator of a portfolio of German residential properties, has bought
a new block of 506 apartments at attractive conditions. The properties with
a total surface area of 27,139 square metres are situated in the Bremen and
Celle regions, so that KWG is expanding and reinforcing its presence in
these locations in accordance with its corporate strategy. The new purchase
brings the total number of apartments owned by KWG to some 5,300, an
increase of 10%.
The purchase was made at an average price of 594 euros per square metre,
equivalent to 10.6 times the annual rent without heating costs. The vacancy
rate in the new apartments is less than 5%. Of the total purchase price for
the new portfolio, 85% has been financed by bank loans. The attractive
borrowing conditions currently available means that KWG's average interest
rate will go down. The remainder of the purchase costs will be paid for in
shares accruing from a capital increase carried out by KWG at the same time
on a contribution-in-kind basis. Here, the vendor has accepted a valuation
of 7 euros per KWG share as a basis for paying the rest of the purchase
price. This is roughly equivalent to the current net asset value per share,
and represents a markup of 30% on the current share price.
Stavros Efremidis, CEO of KWG Kommunale Wohnen AG: 'With the purchase of
this new portfolio, we are continuing to grow as an owner-operator of
apartments, and will achieve substantial economies of scale in the process.
Of course we are particularly pleased that we can use our shares, on the
basis of the current net asset value of 7 euros, as a transaction currency
without needing to dilute the value of the existing shares.'
Contact:
KWG Kommunale Wohnen AG
Alstertor 9
20095 Hamburg
Tel.: 040/ 2263088-100
eMail: ir(at)kwg-ag.de
www.kwg-ag.de
edicto GmbH
Axel Mühlhaus/ Sönke Knop
Eschersheimer Landstr. 42-44
60322 Frankfurt am Main
Tel.: 069/ 9055055-0
eMail: amuehlhaus(at)edicto.de
End of Corporate News
20.12.2010 Dissemination of a Corporate News, transmitted by DGAP - a
company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
DGAP's Distribution Services include Regulatory Announcements,
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Media archive at www.dgap-medientreff.de and www.dgap.de
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Language: English
Company: KWG Kommunale Wohnen AG
Alstertor 9
20095 Hamburg
Deutschland
Phone: 040 22 63 088 100
Fax:040 22 63 088 200
E-mail: ir(at)kwg-ag.de
Internet: www.kwg-ag.de
ISIN: DE0005227342
WKN: 522734
Listed: Freiverkehr in Berlin, München, Stuttgart; Open Market
(Entry Standard) in Frankfurt
End of News DGAP News-Service
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106974 20.12.2010
Datum: 20.12.2010 - 07:56 Uhr
Sprache: Deutsch
News-ID 32899
Anzahl Zeichen: 0
contact information:
Kategorie:
Business News
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