VIVACON AG sells residential portfolio consisting of more than 2,000 units under ground lease terms
Köln (euro adhoc) -
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real estate
Yesterday, VIVACON AG (ISIN 000604 8911) has sold a residential real estate portfolio to an institutional investor in the form of a sale of shares in special purpose vehicles. The number of units sold amounts to more than 2,000 with a total area of more than 130,000 sqm. The units are located in Western Germany and the disposal took place under ground lease terms according to VIVACON´s business model.
The provisional transaction volume of the residential units excluding the land amounts to approx. EUR 80m, subject to potential adjustments. VIVACON AG will generate an annual ground lease income of approxi-mately EUR 0.86m from this transaction. The first ranking ground leases are 100% CPI-indexed and have a maturity of 198 years. As usual, the result of this transaction will be recognized at the time of the legal transfer of ground lease properties, which is expected in Q3 of 2008.
The management confirms its communicated full-year guidance of a group net income in the amount of c. EUR 60m.
end of announcement euro adhoc
Further inquiry note:
Sven Annutsch
Leiter Investor Relations & Corporate Finance
Tel: + 49 221 / 1305621 630
Sven.Annutsch@vivacon.de
Branche: Real Estate
ISIN: DE0006048911
WKN: 604891
Index: SDAX, CDAX, Classic All Share, Prime All Share, DAX
International 100
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