DGAP-News: Consistently towards residential REIT: CR Capital with further residential development project in Berlin
(firmenpresse) - CR Capital Real Estate AG / Miscellaneous
22.02.2010 22:06
Dissemination of a Corporate News, transmitted by
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Today, 22 February 2010, CR Capital Real Estate AG (CR Capital) acquired a
developable plot of land in Berlin. The transaction was conducted by CR
Capital Properties GmbH&Co. KG, a subsidiary within CR Capital Group.It
is planned to construct a residential building with a rental area of
approximately 2,000 sqm. The plot of land is located in Prenzlauer Berg
district; the company is already working on another project devlopment in
this district.
Seller is a German project developing company. CR Capital will pay the plot
of land completely by cash.
Start of construction for the 7-floor residential building (approximately
20 residential units) is probably in the fourth quarter 2010.
After finishing this project, already 43% of the property stock of CR
Capital will be residentials. For CEO Thomas Ehrich, this transaction is a
further step towards companys major target - becoming a residential REIT:
'Step by step CR Capital develops for Germanys first residential REIT. Next
residential developments are already in the pipeline'.
About CR Capital Group
CR Capital Real Estate AG is a Berlin based property company and owns the
pre-REIT status. Major target is the REIT status with an investment focus
on residential properties. The company intends to be listed in the Prime
Standard in summer 2010.
Strategy is maximization of the residential quota and long-term property
management. In case of market opportunities and under yield aspects, also
investments in commercial properties at locations with strong growth
potentials will be done (for example airport area Schönefeld/Waltersdorf).
CR Capital Properties GmbH&Co. KG was founded in the beginning of 2010
and will conduct project developments for the Group.
Contact:
Hubert Bonn / bonnIR
Phone: +49 (0)6157 9861190
bonn(at)bonn-ir.com
http://www.capital-real-estate-ag.de
22.02.2010 22:06 Ad hoc announcement, Financial News and Media Release distributed by DGAP. Medienarchiv atwww.dgap-medientreff.deandwww.dgap.de---------------------------------------------------------------------------
Datum: 22.02.2010 - 22:06 Uhr
Sprache: Deutsch
News-ID 17088
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