DGAP-News: TAG Immobilien AG sells residential properties in Berlin to Union Investment
(firmenpresse) - DGAP-News: TAG Immobilien AG / Key word(s): Real Estate/Disposal
TAG Immobilien AG sells residential properties in Berlin to Union
Investment
10.01.2013 / 10:02
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Hamburg, 10 January 2013 - At the end of 2012, TAG Immobilien AG ('TAG' in
the following) sold three residential complexes encompassing 1,384
residential units in Berlin for a total of EUR 87 million. The disposal
results in pre-tax earnings of around EUR 12 million based on the IFRS
booking values. The new owner of the residential complexes is Union
Investment Institutional Property GmbH, which acquired it for one of its
specialist property funds.
The payment of the purchase price and the transfer of possession, rights
and obligations are scheduled for the end of January 2013. However, the
sale's effects on the balance sheet will be taken into account in TAG's
annual financial statements for 2012.
Rolf Elgeti, CEO of TAG Immobilien AG, comments on the disposal:
'While TAG is primarily a long-term property investor, in exceptional cases
we will take advantage of opportunities to realise sales. The approximately
EUR 40 million in equity released from the sale can be invested in buying
properties with a higher initial return on investment, so the sale further
improves the TAG group's operating profitability and FFO. We will continue
carrying out the occasional sale, in addition to making acquisitions, as
part of our value-optimising management approach, and will continue to
allocate the capital provided to us by our shareholders under careful
consideration of the risks and opportunities involved.'
Press enquiries:
TAG Immobilien AG
Investor&Public Relations
Britta Wöhner / Dominique Mann
Phone +49 (0) 40 380 32 0
Fax +49 (0) 40 380 32 390
pr(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: MDAX
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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198744 10.01.2013
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Datum: 10.01.2013 - 10:02 Uhr
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