DGAP-News: TAG Immobilien AG: TAG Group sells commercial real-estate asset management for third parties
(firmenpresse) - DGAP-News: TAG Immobilien AG / Key word(s): Miscellaneous
TAG Immobilien AG: TAG Group sells commercial real-estate asset
management for third parties
28.08.2012 / 16:15
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TAG Group sells commercial real-estate asset management for third parties
Hamburg, 28 August 2012 - The Supervisory Boards of TAG Immobilien AG
('TAG' in the following) and Colonia Real Estate AG ('Colonia' in the
following) today approved the intended sale of POLARES Real Estate Asset
Management GmbH ('POLARES' in the following) to the POLARES management team
by way of a management buy-out.
POLARES was formed in the summer of 2011 from the merger of the former TAG
Immobilien AG subsidiary LARUS Asset Management GmbH and the former Colonia
Real Estate AG subsidiary Colonia Real Estate Solutions GmbH. This
instantly made it one of the major commercial real-estate service providers
in Germany in terms of the volume of real estate property serviced. The
main focus of POLARES's business is asset and property management for
commercially used real estate. The relinquishment of this division and the
sale of 100% of the shares in POLARES is another step in focusing TAG Group
on the management of its existing residential real estate portfolio.
The parties have agreed not to disclose the purchase price. The contract
negotiations are nearly final; once they have been concluded, the
transaction is expected to close on 1 October 2012.
The parties expect that POLARES's newly gained independence will help it to
further improve its services and that the transaction will therefore have a
positive effect on customer relations as well.
Rolf Elgeti, CEO of TAG, comments: 'POLARES will maintain its ties with the
TAG Group after the sale. For instance, it will continue to look after the
TAG Gewerbeimmobilien-Aktiengesellschaft portfolio and remain a tenant at
the TAG company headquarters in Hamburg. We are convinced that POLARES will
use the freedom resulting from the sale to develop its business positively.
For POLARES customers and contractors, the transition changes nothing; the
transaction will benefit their services. At the same time, this further
streamlines the structure of TAG and we are taking a further step towards
focusing on the residential business. We wish the management and staff of
POLARES the best of success in their future business.'
Press enquiries:
TAG Immobilien AG
Investor&Public Relations
Britta Wöhner / Dominique Mann
Phone +49 40 380 386/305
Fax +49 40 380 32 390
ir(at)tag-ag.com
End of Corporate News
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Language: English
Company: TAG Immobilien AG
Steckelhörn 5
20457 Hamburg
Germany
Phone: 040 380 32 0
Fax: 040 380 32 390
E-mail: ir(at)tag-ag.com
Internet: http://www.tag-ag.com
ISIN: DE0008303504
WKN: 830350
Indices: SDAX
Listed: Regulierter Markt in Frankfurt (Prime Standard), München;
Freiverkehr in Berlin, Düsseldorf, Hamburg, Hannover,
Stuttgart
End of News DGAP News-Service
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183179 28.08.2012
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Datum: 28.08.2012 - 16:15 Uhr
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