DGAP-News: IMMOFINANZ Group: Gerling Quartier in Cologne now owned by IMMOFINANZ Group
(firmenpresse) - DGAP-News: IMMOFINANZ AG / Key word(s): Real Estate
IMMOFINANZ Group: Gerling Quartier in Cologne now owned by IMMOFINANZ
Group
05.09.2012 / 15:19
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On 5 September 2012 IMMOFINANZ Group acquired the remaining stake in the
Gerling Quartier real estate development project from the co-owner
FRANKONIA Eurobau AG and is now the sole owner of this project. The
transaction reflects a mutual agreement by the two partners to dissolve
their 50:50 joint venture for strategic reasons. The parties have agreed
not to disclose any information on the price for this purchase. The
remaining investment of approx. EUR 213 million will be provided as planned
by IMMOFINANZ Group as the investor and Sparkasse KölnBonn as the financing
bank. Following the cornerstone ceremony in October 2011, construction is
now in progress.
'Since our strategy calls for the sale or full takeover of investments that
cannot be consolidated, we welcome the readiness of our partner FRANKONIA
to sell its stake in the Gerling Quartier after the successful completion
of project planning and the issue of building rights', commented Eduard
Zehetner, Chief Executive Officer of IMMOFINANZ Group. 'When you stand on
the historic grounds of this impressive construction site, one thing is
clear: this project is genuinely unique. We are well aware of our
responsibility to the city of Cologne, the future owner of the apartments,
and, of course, our responsibility to our investors. For these reasons, we
will do everything in our power to complete the Gerling Quartier quickly
and successfully.'
Uwe Schmitz, Chief Executive Officer of FRANKONIA Eurobau AG explained:
'FRANKONIA Eurobau is proud of its successful project development work.
IMMOFINANZ will now implement FRANKONIA's planning in Cologne in a way that
guarantees the high premium standard for which FRANKONIA apartments are
known.'
The Gerling Quartier is the third largest inner city quarter development
project in Germany. A wide-ranging offering will be built here by the end
of 2014: On the former headquarters of the Gerling Insurance Group, 139
condominium apartments with 60 to 370 sqm of space plus 45,000 sqm of
office and other commercial areas will be constructed on 94,000 sqm. The
focal point will be formed by the Gereonshof with a 14-storey high-rise
building. An Italian-style fountain will create an attractive flair, while
trees and green areas between the old and new buildings will provide for a
refreshing environment.
On IMMOFINANZ Group
IMMOFINANZ Group is one of the leading listed property companies in Europe
and is included in the leading ATX index of the Vienna Stock Exchange.
Since its founding in 1990, the company has compiled a high-quality
property portfolio that now comprises more than 1,820 investment properties
with a carrying amount of approx. EUR 10.36 billion. The core business of
IMMOFINANZ Group covers the acquisition and management of investment
properties, the realisation of development projects and the sale of
objects. IMMOFINANZ Group concentrates its activities in the retail,
office, logistics and residential segments of eight regional core markets:
Austria, Germany, Czech Republic, Slovakia, Hungary, Romania, Poland and
Russia. Further information under: www.immofinanz.com.
FRANKONIA Eurobau AG
FRANKONIA Eurobau AG is a successful urban and projectdeveloper with
branches in Düsseldorf, Munich, Hamburg, Halle, Cologne, Berlin, Warsaw and
Zurich. As an all-inclusive real estate service provider and real estate
investment house, the company covers the entire real estate value chain.
Its services range from classic apartment and commercial construction to
office projects and prominent urban quarter developments in the absolute
premium segment of top city locations. FRANKONIA Eurobau AG identifies,
develops, builds, markets and manages high-quality urban quarters with
residential, office, retail and hotel properties based on multiple usage
and service concepts. The Chief Executive Officer of FRANKONIA Eurobau AG
is Uwe Schmitz.
www.frankonia-eurobau.de.
For additional information contact:
MEDIA INQUIRIES
Sandra Bauer
Head of Corporate Communications | Press Spokesperson
IMMOFINANZ Group
T +43 (0)1 88 090 2292
M +43(0)699 1685 7292
communications(at)immofinanz.com
Gabriele Fischer
FRANKONIA Eurobau AG
g.fischer(at)frankonia-eurobau.de
INVESTOR RELATIONS
Stefan Schönauer
Head of Corporate Finance&Investor Relations
IMMOFINANZ AG
T +43 (0)1 88 090 2312
M +43 (0)699 1685 7312
investor(at)immofinanz.com
End of Corporate News
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05.09.2012 Dissemination of a Corporate News, transmitted by DGAP - a
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The issuer is solely responsible for the content of this announcement.
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Language: English
Company: IMMOFINANZ AG
Wienerbergstraße 11
1100 Wien
Austria
Phone: +43 (0) 1 88090 - 2291
Fax: +43 (0) 1 88090 - 8291
E-mail: investor(at)immofinanz.com
Internet: http://www.immofinanz.com
ISIN: AT0000809058
WKN: 911064
Listed: Freiverkehr in Berlin, München, Stuttgart; Open Market in
Frankfurt; Wien (Amtlicher Handel / Official Market)
End of News DGAP News-Service
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184282 05.09.2012
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Datum: 05.09.2012 - 15:19 Uhr
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News-ID 180471
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