DGAP-News: GAGFAH has taken the decision to refinance the approx. EUR 1 billion loan of the WOBA Portfolio
(firmenpresse) - DGAP-News: GAGFAH S.A. / Key word(s): Capital Reorganisation
GAGFAH has taken the decision to refinance the approx. EUR 1 billion
loan of the WOBA Portfolio
05.02.2013 / 08:53
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Press Release: February 05, 2013
GAGFAH S.A.
2-4, rue Beck
L-1222 Luxembourg
R.C.S. Luxembourg B 109.526
ISIN: LU0269583422
Frankfurt Stock Exchange, Regulated Market (Prime Standard)
GAGFAH has taken the decision to refinance the approx. EUR 1 billion loan
of the WOBA Portfolio
- GAGFAH discontinues sales process and remains owner and manager of the
more than 37,000 residential units in Dresden
- CEO Stephen Charlton: 'Refinancing is the better alternative in spite
of attractive bids for the WOBA portfolio'
GAGFAH has taken the decision to refinance the loan of the WOBA portfolio
of slightly above EUR 1 billion Euros and to discontinue the sales process
of the WOBA Group. The refinancing is subject to the loan documentation
with the financing counterparty and is expected to close within the next
few weeks, well in time for the May 15, 2013, maturity of the current loan
in place.
Stephen Charlton, CEO of GAGFAH GROUP, commented: 'We are happy with this
result as it solidifies our position as the largest owner of residential
real estate listed in Germany. WOBA is a key part of our business, and I am
pleased that we will remain owners of the portfolio. This refinancing is a
great start into the year and a significant step towards resolving our 2013
debt maturities.'
GAGFAH had carried out a structured bidding process for its WOBA subgroup,
but had always emphasized that it would keep all of its options open. While
the final bids from potential buyers were close to the carrying value of
that portfolio, GAGFAH has decided to refinance rather than sell the WOBA
subgroup, believing that this refinancing is in the best long-term interest
of the company and its stakeholders. The WOBA portfolio is a key
contributor to the Group's FFO and will play an important role in GAGFAH's
strategy for future growth.
'We welcome the opportunity to continue our commitment in Dresden. Building
on the good relationship with the different stakeholders in Dresden, we are
looking forward to further intensifying the close dialogue with a number of
parties and to maintaining our significant presence in this attractive
city. We believe that Dresden has a great future ahead of it, and we are
excited to remain a reliable partner within the city,' explained Stephen
Charlton.
GAGFAH has invested more than EUR 180 million since it acquired the WOBA
portfolio in 2006 and plans to spend more than EUR 100 million over the
next five years. Martina Pansa, GAGFAH's Regional Manager in Dresden,
commented, 'I am glad we will be able to continue to pursue the various
initiatives on which we have been working with a number of parties here in
Dresden. We will carry on with our support for the urban redevelopment
initiatives and the neighborhood project in Leuben that will help our
elderly tenants to remain in their flats; we plan to further increase
tenant satisfaction and will intensify our cooperation with the city
administration especially for the benefit of the socially disadvantaged;
and we are also working on reducing operating expenses, such as heating
costs, which have become an increasing burden on tenants, to name just a
few examples.'
Contact
Rene Hoffmann
+352 266 366 21
rhoffmann(at)gagfah.com
About GAGFAH S.A.
GAGFAH S.A. is a joint stock corporation organized under the laws of the
Grand Duchy of Luxembourg qualifying as a securitization company under the
Luxembourg Securitization Law of March 22, 2004. The core business of
GAGFAH S.A.'s operating subsidiaries is the ownership and management of a
geographically diversified and well maintained residential property
portfolio located throughout Germany. With a portfolio of more than 145,000
apartments, GAGFAH S.A. is the largest residential property company listed
in Germany.
End of Corporate News
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Language: English
Company: GAGFAH S.A.
2-4, rue Beck
1222 Luxemburg
Grand Duchy of Luxembourg
Phone: + 352 266 366 1
Fax: + 352 266 366 01
E-mail: info(at)gagfah.com
Internet: www.gagfah.com
ISIN: LU0269583422, LU0269583422
WKN: A0LBDT
Indices: MDAX
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf, Hamburg, München,
Stuttgart
End of News DGAP News-Service
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