EANS-News: GSW Immobilien AG acquires portfolio with around 2,600 apartments
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Company Information
Berlin (euro adhoc) - GSW Immobilien AG acquires portfolio with around 2,600
apartments
* Expansion continues
* Approximately 7,000 apartments purchased in current year
* Proceeds from capital increase in May invested in full
* Long-term positive impact on operating margins and FFO
Berlin, 22 November 2012 - GSW Immobilien AG continues to expand and has
successfully completed another transaction. The MDAX-listed real estate company
has bought a portfolio with around 2,600 apartments from Zentral Boden
Immobilien (ZBI), a German initiator for closed-end funds, at a total purchase
price of around E147 million, or E970 per square metre. Until now the properties
had been part of the fund "ZBI Professional 5". The average in-place rent is
E5.39 per square metre per month. Conclusion of the contracts - in line with
standard market conditions - is expected by the end of the year.
Around 82 percent of the properties are situated in the districts of Neukölln
(35 percent), Mitte (21 percent), Tempelhof-Schöneberg (12 percent),
Reinickendorf (11 percent) and Steglitz-Zehlendorf (3 percent). The other units
are in the cities of Duisburg, Essen, Erfurt, and Magdeburg. "We plan to resell
the approximately 470 residential units outside of Berlin in the medium term,"
explained Jörg Schwagenscheidt, Member of the Board of Management of GSW
Immobilien AG, whose responsibilities include acquisitions.
The following key figures apply to the Berlin properties with around 2,130
residential units: In-place rent stands at E5.52 per square metre per month with
further upward potential, and the vacancy rate is 1.6 percent. The average
apartment size in Berlin is around 58 square metres.
With this acquisition and those made at the end of October, GSW has expanded its
portfolio by a total of 7,000 apartments, more than 6,500 of which are in
Berlin. The majority of these are situated in the immediate vicinity of GSW's
existing housing stock and complement it perfectly. "We have now invested the
around E190 million from the capital increase," said Thomas Zinnöcker, CEO of
GSW Immobilien AG. "The successful acquisitions also vindicate our growth
strategy," he added.
"GSW will finance the approximately 2,600 apartments in this latest transaction
through part of the net proceeds from the issue of convertible bonds, as the
property portfolio is being acquired from the seller unencumbered," said CFO
Andreas Segal.
However, the acquisitions will only impact earnings in the long term from 2013
as the transfer of risks and rewards or ownership is to be completed at the turn
of the year. "Starting from next year, the new portfolios will have a positive
impact on our operating margins," said Schwagenscheidt. "We therefore calculate
an FFO contribution of E14.5 to E15.5 million from the acquisitions from 2013
considering the use of the proceeds from the capital increase and convertible
bonds."
Contact
GSW Immobilien AG
Charlottenstrasse 4, 10969 Berlin, Germany
Press Investor Relations
Thomas Rücker Sebastian Jacob
E-mail: thomas.ruecker@gsw.de E-mail: sebastian.jacob@gsw.de
Tel.: +49 30 25 34 13 32 Tel.: +49 30 25 34 18 82
Fax: +49 30 25 34 19 34 Fax: +49 30 25 34 233 19 60
About GSW
With a portfolio of around 52,100 residential units, GSW Immobilien AG is one of
the leading private residential property companies in Berlin. GSW's corporate
strategy is focused on the long-term management of rental properties, applying a
systematic approach aimed at increasing both customer satisfaction and operating
efficiency. As per 31 December 2011, the company's property portfolio was valued
at around E2.9billion. Since then, GSW has acquired approximately 7,000
apartments with a value of around E350million.
Further inquiry note:
Kati Pohl
Tel.: +49 30 25 34-13 40
E-Mail: Kati.Pohl@gsw.de
end of announcement euro adhoc
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company: GSW Immobilien AG
Charlottenstr. 4
D-10969 Berlin
phone: +49 30 68 99 99 0
FAX: +49 30 68 99 99 999
mail: kundenservice@gsw.de
WWW: http://www.gsw.de
sector: Real Estate
ISIN: DE000GSW1111
indexes: MDAX
stockmarkets: regulated dealing: Berlin, regulated dealing/prime standard:
Frankfurt
language: English