DGAP-News: ESTAVIS AG: ESTAVIS Completes Housing Portfolio Purchase in Berlin-Hohenschönhausen
(firmenpresse) - DGAP-News: ESTAVIS AG / Key word(s): Real Estate
ESTAVIS AG: ESTAVIS Completes Housing Portfolio Purchase in
Berlin-Hohenschönhausen
03.05.2013 / 10:51
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- 1,200 fully modernised housing units to transfer into proprietary
portfolio
- Annual rent revenues total 4.2 million euros
- Purchase price equals 11 times the net annual rent
Berlin, 03 May 2013 - ESTAVIS AG just completed the acquisition of 3,200
apartments in Berlin's Hohenschönhausen district at a total purchase price
of approx. 110 million euros. Thereof, 2000 housing units in need of
refurbishment were already resold to two institutional investors. 1200
fully modernised housing units will transfer into the proprietary portfolio
of ESTAVIS. Reselling the other apartments enabled the company to acquire
these units for 45.3 million euros. The annual rent revenues total
approximately 4.2 million euros.
'The extra revenues generated by reselling the partially refurbished or
un-refurbished housing units made it possible for us to acquire our
comprehensively modernised portfolios at a price below the book value,'
explained Jacopo Mingazzini, Member of the Executive Board of ESTAVIS AG,
adding that the purchase marks another milestone for the company. 'Having a
positive cash inflow in the form of rent revenues from the start will mean
a substantial and stable contribution to the consolidated net income of
ESTAVIS in the future,' Mingazzini went on to say. The currently low rent
average of 5.00 euros per square metre on unexpired leases implies
considerable potential for further appreciation in the years to come.
The apartments were sold by Kristensen Real Estate Berlin. Having
negotiated the deal as early as September 2012, ESTAVIS completed the
transaction by 30 April. 'The acquisition moves us a big step closer to our
medium-term goal of expanding the portfolio to 10,000 apartments,'
Mingazzini added.
About ESTAVIS:
ESTAVIS AG is a listed property company focusing on residential properties.
Using its purchasing network across Germany, ESTAVIS AG identifies property
portfolios with great value-add potential, and exploits its management
expertise to harness this potential in efficient ways. In addition to
regular cash flow from the property portfolios acquired, the performance of
ESTAVIS AG is driven by income from active apartment retailing. ESTAVIS AG
is headquartered in Berlin, and is listed on the Prime Standard of the
Frankfurt Stock Exchange (German Securities Code Number [WKN]: A0KFKB).
Contact:
ESTAVIS AG
Investor&Public Relations
Tel: + 49 30 887 181 799
E-mail: ir(at)estavis.de
End of Corporate News
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03.05.2013 Dissemination of a Corporate News, transmitted by DGAP - a
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Language: English
Company: ESTAVIS AG
Uhlandstr. 165
10719 BerlinGermany
Phone: +49 (0)30 - 887 181 - 0
Fax: +49 (0)30 - 887 181 - 11
E-mail: info(at)estavis.de
Internet: http://www.estavis.de
ISIN: DE000A0KFKB3
WKN: A0KFKB
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf, Hamburg, München,
Stuttgart
End of News DGAP News-Service
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209593 03.05.2013
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Unternehmensinformation / Kurzprofil:
Datum: 03.05.2013 - 10:51 Uhr
Sprache: Deutsch
News-ID 255880
Anzahl Zeichen: 7087
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Kategorie:
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