VIVACON AG acquires 1,555 units
Köln (euro adhoc) -
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real estate
VIVACON AG (ISIN DE000604 8911) has increased its holdings of residential properties by a further 1,555 residential and commercial units through several off-market acquisitions structured through subsidiary companies. The units are primarily located in North Rhine-Westphalia, Northern Germany, Bavaria and Saarland with a total rentable area of approximately 102,400 sqm. The occupancy rate is about 94%.
Following a large portfolio disposal beginning of this week, the total number of residential units currently owned by VIVACON AG already amounts to some 6,900 units. A majority of the units are currently prepared for a sale in 2008 by the inhouse asset management team of the company. Another c. 4,400 units are held by the joint venture company WIAG, founded by Vivacon AG and Forum Partners.
VIVACON AG sees attractive business opportunities in the current market environment and plans further residential portfolio transactions in the near future. Management reiterates its previously announced full-year guidance of a net income in the amount of EUR 54-58m and expects a further growth of net income in the coming year as well as an increase in dividend in comparison to the previous year.
end of announcement euro adhoc 07.12.2007 08:19:12
Further inquiry note:
Sven Annutsch
Head Corporate Finance / Investor Relations
Tel: + 49 221 / 1305621 630
Sven.Annutsch@vivacon.de
Branche: Real Estate
ISIN: DE0006048911
WKN: 604891
Index: CDAX, Prime All Share, Classic All Share, SDAX
Börsen: Börse Frankfurt / regulated dealing/prime standard
Börse Berlin / free trade
Börse Hamburg / free trade
Börse Stuttgart / free trade
Börse Düsseldorf / free trade
Börse München / regulated dealing