DGAP-News: VIB Vermögen AG acquires majority holding in the

VIB Vermögen AG / Acquisition

18.12.2007 

Release of a Corporate-announcement, transmitted by DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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 Acquisition of the holding at considerably below NAV of EUR 14.68 per
share
 Group total assets amount to more than EUR 500m

Neuburg / Donau, 18th December 2007  Through the acquisition of a parcel
of shares, the VIB Vermögen AG, a real estate company specialising in
commercial real estate, now holds the majority interest in the BBI
Bürgerliches Brauhaus Immobilien AG (BBI). The VIB Vermögen AG has
increased its holding in the BBI of around 29% to 54,87% through the
transaction, and thus takes over a real estate portfolio with a broad
spectrum of high-yield retail properties. The CEO of the VIB Vermögen AG,
Ludwig Schlosser gives the reasons for the takeover: 'We were able to
acquire the shares for a price considerably below the Net Asset Value of
14.68 EUR per share on account of present market conditions. As such we are
not only playing an active role in the anticipated consolidation process in
the real estate branch, but at the same time we are establishing ourselves
with future total assets of over EUR 500m as one of the leading listed real
estate companies for commercial real estate in the growth region of
Southern Germany!'

The BBI is a purely commercial property owner for retail real estate with
tenants of first-class standing. The companys core competence is the
holding and professional management of commercial real estate in attractive
locations, whereby the focus of investment lies in South Germany. The
company has a widespread real estate portfolio of 16 specialist retailers
at locations throughout Germany that are let on a long-term basis. The BBI
AG further owns a historical portfolio of 14 properties in the Neuburg /
Ingolstadt area. The premises of the Herrnbräu Brewery in Ingolstadt, which
is likewise a subsidiary of the BBI, also ranks among this portfolio. The
floor space of the current portfolio amounts to around 117,000 m² and is
fully let. The book value of the properties held in the portfolio was
approximately EUR 118m as at June 2007, with an average rental yield of
approx. 6.7%. In addition, there are 17 planned properties at the
development stage, for which the Deeds of Sale have either already been
certified by a notary or the acquisition secured through a Letter of
Intent. On the successive completion of these properties with gross capital
expenditure amounting to around EUR 150m, the BBI will take over a further
approx. 84,500 m², which, following delivery, will generate additional
annualised rental income of approx. EUR 10.2m.

As a result of taking over the majority holding in the BBI and through the
real estate acquired in the year 2007, the rental income of the VIB Group
will increase to around EUR 34m in the financial year 2008. This means a
growth of about 80% in net rental income in the consolidated accounts 2008.
On account of the completion and delivery of the properties under
development and construction alone, the business volume will increase over
the next two years by a further EUR 200m, bringing the total to above EUR
700m.

In accordance with the regulations of the WpÜG (Securities Acquisition and
Takeover Act), the next step will be for the VIB Vermögen AG to prepare a
compulsory offer for the BBI shareholders, which is expected to be
disclosed at the end of January 2008. Ludwig Schlosser comments: 'The
takeover of the BBI is a milestone in the development of our company. We
will be looking into further acquisitions in future, too, as we see
considerable potential for value enhancement in the German real estate
market.'


Profile of the VIB Vermögen AG (including BBI):

The VIB Vermögen AG is a medium-sized real estate holding company that
focuses its investments on commercial real estate in South Germany. Founded
in 1993 as a business partnership, the VIB was converted into a public
company in the year 2000. Since then the company has developed its core
competency in the fields of acquisition and asset management of its own
real estate and of investment in companies with real estate assets.  The
VIB Vermögen AG operates a buy and hold strategy. This entails developing
real estate for its own portfolio and also acquiring existing properties.
The real estate portfolio of the VIB Group comprises various logistics
properties and industrial facilities, shopping and specialist retail
centres and also commercial and service centres. The company achieves
sustainable rental yields from a total lettable area of approximately
500,000 m².


Investor Relations: 

VIB Vermögen AG
Petra Riechert    
Luitpoldstr. C70   
86633 Neuburg   
Tel:  +49 (0)8431 504 952
Fax: +49 (0)8431 504 973
E-mail: petra.riechert@vib-ag.de


DGAP 18.12.2007 
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Language:     English
Issuer:       VIB Vermögen AG
              Luitpoldstraße C 70
              86633 Neuburg/Donau
              Deutschland
Phone:        +49 (0)8431 / 504-952
Fax:          +49 (0)8431 / 504-973
E-mail:       cornelia.eissmann@vib-ag.de
Internet:     www.vib-ag.de
ISIN:         DE0002457512
WKN:          245751
End of News                                     DGAP News-Service
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DGAP-News: VIB Vermögen AG acquires majority holding in the BBI AG real estate company
