DGAP-News: TAG Immobilien AG: TAG Immobilien AG sells project development site on Tübinger Strasse in Munich
(firmenpresse) - DGAP-News: TAG Immobilien AG / Key word(s): Disposal
TAG Immobilien AG: TAG Immobilien AG sells project development site on
Tübinger Strasse in Munich
20.10.2011 / 16:32
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* Total purchase price for the property formerly used by Siemens is EUR 31
million
* Based on IFRS book values, profits from the sale are EUR 7 million
Hamburg, 20 October 2011 - TAG Immobilien AG (TAG in the following) has
sold a project development site of around 15,000 m²located on Tübinger
Strasse in Munich via its subsidiary, TAG
Gewerbeimmobilien-Aktiengesellschaft. A property developer from Munich has
acquired the lion's share of the property formerly occupied by Siemens,
while a smaller parcel was sold to another buyer today parallel to the
transaction. The total purchase price is about EUR 31 million and based on
the amounts reported in the IFRS balance sheet will result in a substantial
gain, which will add more than EUR 7 million to the company's net income
for 2011.
The sale is the result of a two-year process, during which TAG managed to
bring about a zoning situation for this property that made a sale at this
price possible in the first place.
TAG will use the proceeds from the sale to pay off loans in its commercial
portfolio and create financial leeway for future acquisitions. As the loans
in this part of the portfolio are subject to interest expenses above the
company average, and the property has not generated any rents since the
beginning of the year, this sale improves the operating cash flow and FFOs
(Funds from Operations) by over EUR 2 million per year.
TAG Immobilien AG CEO Rolf Elgeti says: 'The sale of this property at
nearly 50 percent above its book value shows that our strategy of careful
asset management in the commercial portfolio makes excellent sense. It also
additionally improves the group's cash flow position and further reduces
our Loan to Value. We will continue to selectively sell properties where it
appears opportune to do so in the spirit of value-optimising management.'
About TAG
TAG Immobilien AG is a listed real estate group which can look back on a
history spanning 125 years. The SDAX listed company actually has a market
capitalisation of approximately EUR 400 million.
Its main business activities entail residential and commercial real estate
in German metropolitan regions as well as the provision of real estate
services. Thanks to active asset management and individual portfolio
development activities, TAG harnesses the potential available for boosting
rental income. As a matter of principle, the Company's activities
concentrate on generating stable cash flows and achieving attractive
returns.
End of Corporate News
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20.10.2011 Dissemination of a Corporate News, transmitted by DGAP - a
company of EquityStory 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: TAG Immobilien AGSteckelhörn 5
20457 Hamburg
Germany
Phone: 040 380 32 300
Fax: 040 380 32 390
E-mail: ir(at)tag-ag.com
Internet: http://www.tag-ag.com
ISIN: DE0008303504
WKN: 830350
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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142941 20.10.2011
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Datum: 20.10.2011 - 16:32 Uhr
Sprache: Deutsch
News-ID 78535
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