MAGNAT Real Estate Opportunities GmbH & Co. KGaA / Disposal/Agreement
21.08.2008
Release of a Corporate News, transmitted by DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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MAGNAT signs forward sale of its Ukrainian trophy investment, 'Peremogi 67'
- Austrian based AKRON Group is the new project partner of the Ukrainian
investment, 'Peremogi 67'
- AKRON participates directly with 40% and acquires the remaining 60% of
the investment through forward sale
- Attractive development returns of above 15% secured
Frankfurt am Main, August 21st 2008 - MAGNAT Real Estate Opportunities GmbH& Co. KGaA (ISIN: DE000A0J3CH0) has sold its share in the 'Prospekt
Peremogi 67' project in the Ukrainian capital of Kiev in the course of a
forward sale. The buyer is the renowned Austrian based AKRON Group
('AKRON'). The company has initially entered into the investment directly
as a new project partner through the acquisition of 40% and has given a
contractual assurance that it will acquire the remaining stake of 60% upon
completion of the 'Peremogi 67' project in the autumn of 2010. MAGNAT
invested in 'Peremogi 67' in July 2007 for a purchase price of EUR 12.1
million and is now able to guarantee the exit after completion of
development activities in 2010 and the resulting profit in the 2010/2011
financial year. The transaction still requires approval by the competition
authorities.
CEO of MAGNAT Jan Oliver Rüster explains: 'With the investment in
Peremogi/Kiev MAGNAT has positioned itself in a very interesting
conurbation with a high demand overhang. We are delighted that in the
Austrian based AKRON, we have not only acquired a renowned partner for the
further development, but due to the forward sale have also secured the
realisation of profit in the corresponding financial year. After
successfully investing the available resources and intensifying development
activities in our projects in recent months, this development confirms the
strategy of MAGNAT.'
CEO of the AKRON Group J. Christian Thalhammer, Eng., elaborates: 'An
excellent office development has been started with the Peremogi 67 project.
We are pleased to be able to introduce our local and international know-how
in this development. In the future, a number of other joint projects are
possible.'
Explanation: the 'Prospekt Peremogi 67' project encompasses the
construction of a 'Class A' office and commercial building in Kiev with an
effective area of approximately 30,000 square metres and about 360 parking
spaces. Construction has already begun. The property is only 8 km from the
centre of Kiev city and has an ideal transportation infrastructure due to
being situated on an arterial road and in close proximity to an underground
railway station.
www.peremogiprospekt67.com
About MAGNAT:
MAGNAT is a German real estate company which focuses on real estate
development in Eastern Europe supplemented by special situations in the
home market of Germany. The management focuses on undervalued real estate
markets and on markets with high macroeconomic growth. The strategy of
MAGNAT is designed to exploit opportunistic inefficiencies. Unlike
traditional investment strategies, MAGNAT profits not only from rental
income, but also principally from attractive development returns.
www.magnat-reop.com
About AKRON:
The AKRON Group was founded in 1995 by Günther Kloimüller and J. Christian
Thalhammer. The real estate company acquires, develops and manages office
buildings, logistics buildings and shopping centres. In addition, it
successfully offers investments in real estate funds to institutional and
wealthy private investors. Today, the Vienna based investment group
operates in Germany, the Netherlands, Hungary, Poland, Ukraine, Russia and
Croatia. The enterprise currently manages a real estate volume of 57
objects worth about EUR 1.2 billion and is presently developing real estate
valued at EUR 600 million.
www.akron-group.com
Contact
MAGNAT Real Estate Opportunities GmbH & Co. KGaA
Dominic Köfner, CIRO
Head of Corporate Communications
Phone: +49 (0)69 719 189 79 36
E-mail: dominic.koefner@magnat-reop.com
Grüneburgweg 18
D-60322 Frankfurt am Main
Press Relations
edicto GmbH
Axel Mühlhaus / Werner Rüppel
Phone: +49 (0) 69 905 50 55 2
E-mail: amuehlhaus@edicto.de
DGAP 21.08.2008
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Language: English
Issuer: MAGNAT Real Estate Opportunities GmbH & Co. KGaA
Grüneburgweg 18
60322 Frankfurt am Main
Deutschland
Phone: +49 (0)69 / 719 189 79 0
Fax: +49 (0)69 / 719 189 79 11
E-mail: info@magnat-reop.com
Internet: www.magnat-reop.com
ISIN: DE000A0J3CH0
WKN: A0J3CH
Listed: Regulierter Markt in Frankfurt (General Standard);
Freiverkehr in Berlin, Stuttgart
End of News DGAP News-Service
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DGAP-News: MAGNAT Real Estate Opportunities GmbH & Co. KGaA: MAGNAT signs forward sale of its Ukrainian trophy investment, 'Peremogi 67'
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