euro adhoc: Meinl European Land Limited
other
Meinl European Land Limited
completes new acquisitions totalling 430 million Euro
Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement.
23.03.2006
Meinl European Land secures investments in four shopping centres in Moscow
St. Helier/Jersey, 23 March 2006. Meinl European Land Limited has acquired four large shopping centres in Moscow with a transaction value of more than 400 million Euro. The acquisition includes two existing shopping centres in the South-East and North of Moscow to the tune of 120 million Euro and includes a significant potential extension, which will be realised over the next year. After the completion of the extension, which has already been committed, the capital expenditure will almost double to 200 million Euro.
Furthermore two additional shopping centre sites in the Western Moscow, on which the development will start 2006, 2007 respectively, have been acquired. The two centres will add more than 80,000 sqm to the Russian portfolio of Meinl European Land, who will be spending 200 million Euro on the two projects. All four shopping centres will generate yields in excess of 10% p.a.
This deal was a further important mile stone in Meinl European Lands development and significantly strengthened the Companys leading position in the Russian retail property market.
Metro, the German retailer and one of the leading companies in this sector worldwide is to operate a "Real" hypermarket on all four sites. With its retailing formats "Metro", "Real" and "Media Markt" the company is the most expanding retailer in the Russian market.
"Family Center" in the Czech Republic - Anchor tenant "Interspar"
In addition Meinl European Land has also acquired a "Interspar" hypermarket with area for further expansion for a retail park in Mlada Boleslav/Czech Republic. The value of the investment amounts to 30 million Euro including the extension, which is scheduled to be completed over the next 12 months.
Portfolio value exceeds 2.6 billion Euro
Following these acquisitions the portfolio of Meinl European Land, including development projects, consists of 159 retail properties for a total value of more than 2.6 billion Euro in 8 Central and Eastern European countries: Czech Republic, Hungary, Slovakia, Romania, Russia, Poland, Latvia, Turkey. Furthermore Meinl European Land will enter the Ukraine this year.
end of announcement euro adhoc 23.03.2006 07:50:55
Further inquiry note:
Pleon Publico Public Relations & Lobbying
Mag. Claudia Müller-Stralz
Tel.: ++43 (0) 1/717 86 107
mailto:claudia.mueller@pleon-publico.at
Branche: Real Estate
ISIN: AT0000660659
WKN: 066065
Index: Standard Market Auction
Börsen: Wiener Börse AG / official dealing