DGAP-News: Prime Office REIT-AG sells the 'SZ-Tower' and strengthens its equity ratio
(firmenpresse) - DGAP-News: Prime Office REIT-AG / Key word(s): Disposal/Real Estate
Prime Office REIT-AG sells the 'SZ-Tower' and strengthens its equity
ratio
21.11.2013 / 07:39
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Prime Office sells the 'SZ-Tower' and strengthens its equity ratio
- Headquarters of publishing company Süddeutscher Verlag ('SZ-Tower') in
Munich sold for 164.1 million Euro
- Sale strengthens equity and reduces leverage sustainably
Munich, 21 November 2013. Prime Office REIT-AG ('Prime Office') has sold
the headquarters of publishing company Süddeutscher Verlag - the so called
'SZ-Tower' - in Munich to an international investment consortium for 164.1
million Euro.
The contract, which was notarised on 20 November 2013, provides for the
closing of the transaction by the end of December 2013. The disposal
significantly improves the equity ratio of Prime Office from 39.8% as at 30
September 2013 to almost 50% while at the same time sustainably reducing
its leverage. The disposal marks a key milestone for the company in the
financial year 2013. In the second half of 2013, Prime Office had announced
the finalisation of key contracts: one with Daimler AG for a lease in the
property in Stuttgart/Möhringen, which is now fully rented, and one on the
disposal of 'BMW's design centre' in Munich.
'With the sale of the 'SZ-Tower' we meet a material criterion of the
business combination agreement with OCM German Real Estate Holding AG and
take a further scheduled step towards the merger. At the same time, we
clearly reach our target of increasing the equity ratio of Prime Office
above 45% and comply insofar with the legally specified REIT equity ratio
by the end of 2013', says Alexander von Cramm, member of the executive
board of Prime Office REIT-AG.
All of the other conditions which have to be fulfilled in the run-up of the
merger by Prime Office and OCM German Real Estate Holding AG are in the
process of being implemented. The process is far advanced and the merger is
scheduled for completion in the first quarter of 2014.
Effective 30 September 2013, the book value of the state of the art
property 'SZ-Tower' with a rental area of around 62,200 square metres, was
165 million Euro.
Contact
Prime Office REIT-AG
Richard Berg
Investor Relations / Corporate Communications
Hopfenstrasse 4
80335 Munich/Germany
Telephone +49 (0) 89 710 40 90 40
Facsimile +49 (0) 89 710 40 90 99
Email richard.berg(at)prime-office.de
Disclaimer:
This announcement does not contain or constitute an offer of, or the
solicitation of an offer to buy or subscribe for, securities.
This release is not an offer of securities for sale in the United States of
America. Securities may not be offered or sold in the United States of
America absent registration or an exemption from registration under the
U.S. Securities Act of 1933, as amended (the 'Securities Act'). Any public
offering of securities to be made in the United States of America will be
made by means of a prospectus that may be obtained from the issuer and that
will contain detailed information about the company and management, as well
as financial statements. There will be no public offer of the securities in
the United States of America.
Subject to certain exceptions, the securities referred to herein may not be
offered or sold in Australia, Canada or Japan or to, or for the account or
benefit of, any national, resident or citizen of Australia, Canada or
Japan.
End of Corporate News
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21.11.2013 Dissemination of a Corporate News, transmitted by DGAP - a
company of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
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Language: English
Company: Prime Office REIT-AG
Hopfenstraße 4
80335 München
Germany
Phone: +49 (0)89 7104090 40
Fax: +49 (0)89 7104090 99
E-mail: richard.berg(at)prime-office.ag
Internet: www.prime-office.ag
ISIN: DE000PRME012
WKN: PRME01
Indices: SDAX
Listed: Regulierter Markt in Frankfurt (Prime Standard), München,
Stuttgart; Freiverkehr in Berlin, Düsseldorf
End of News DGAP News-Service
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240948 21.11.2013
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Datum: 21.11.2013 - 07:39 Uhr
Sprache: Deutsch
News-ID 318960
Anzahl Zeichen: 6185
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Kategorie:
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