Colonia Real Estate AG / Acquisition/Strategic Company Decision
30.06.2008
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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CRE Resolution takes over COVER Projektentwicklung GmbH
Expansion of the range of services offered for third parties
Corporate Real Estate as further business unit
Berlin, 30 June 2008 The real estate asset management company CRE
Resolution GmbH, a subsidiary of the listed company Colonia Real Estate AG
(ISIN: DE0006338007), takes over the Dusseldorf based COVER
Projektentwicklung GmbH ('COVER'). In the way of the merger the CRE Group
expands its business with further important areas of operations, project
development and corporate real estate. The purchase price of this
transaction was agreed to be undisclosed.
The founder and CEO of COVER, Dr. Conzen, will be addressed as from July 1,
2008 as managing partner of CRE Resolution. Mr. Conzen in line with his
team consisting of seven people is a specialist for project development and
refurbishment in the field of the office, retail and logistic industry.
Furthermore, a second main pillar is consultancy in the field of corporate
real estate. Cover, as an independent company, is a result from a managing
buy-out with the RAG Group (today´s Evonik AG). CRE Resolution assumes a
distinct progression of refurbishment projects within the scope of the
asset management for third parties as well as new mandates in the field of
contract development. Through this merger the capacity of the CRE Group in
this area of business is going to be enhanced effectively and sustainably.
Its positioning within the German real estate market will be enforced,
overall.
'With the takeover of COVER Projecktentwicklung GmbH we face the clearly
increased demand of our clients for asset management concerning
developmental and refurbishment projects. Simultaneously, we succeed the
access in the growing segment of corporate real estate which makes new
potential customers in medium-scale companies accessible. Hence, the team
and the know-how of COVER display a logical, strategic extension of our
value chain within the sector real estate asset management', said Christoph
Wittkop, board of directors member of Colonia Real Estate AG and spokesman
of the management of CRE Resolution GmbH.
'The CRE Group is the desired strong partner for the expansion of our
project development business. In order to reach sustainable enhancement in
value of real estate inventory, the modernization and repositioning of
already existing premises is a crucial precondition. In this segment our
team has long lasting experience and a grown network. Our intention is to
jointly realize the latter mentioned issues', explained Dr. Georg Conzen.
Successful objects of reference of COVER are amongst others the recently
completed and sold projects 'Loft 12' as well as the Karlstadt-Carrée in
Dusseldorf, jointly with the Dusseldorf based Kai 18 company.
About CRE Resolution GmbH
The CRE Resolution GmbH is specialized primarily in asset management of
pan-German real estate portfolios. As a proprietary representative,
Resolution oversees the real estate funds of private and institutional
investors. Located in Berlin and having settlements in Frankfurt, Hamburg,
Cologne, Munich and Stuttgart, CRE Resolution GmbH has presents in the most
important areas for German real estate. CRE Resolution is a subsidiary of
Colonia Real Estate AG, which is listed in the S-DAX.
About Cover Projektentwicklung GmbH
As a result of various large real estate projects in Nordrhein-WestphaliaCOVER belongs to one of the most successful regional project development
corporations. The main pillar of their business is also prospectively the
development of commercial property as well as corporate real estate
management. Through this merger the so far regional focus will be gradually
enlarged into the most important real estate areas in Germany. The company
will be located in Dusseldorf, so that the regional presence of CRE
Resolution is going to be invigorated in this area, too.
Contact:
Christoph D. Kauter
Head of Corporate Finance and Investor Relations
Colonia Real Estate AG
Zeppelinstr. 4-8
50667 Köln
Telefon: +49 (0)221 71 60 71 0
Fax: +49 (0) 221 71 60 71 99
E-Mail: ir@cre.ag
PR and Press Contact:
edicto GmbH
Axel Mühlhaus
Tel.: +49 (0) 69 9055055-2
amuehlhaus@edicto.de
DGAP 30.06.2008
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Language: English
Issuer: Colonia Real Estate AG
Zeppelinstr. 4 - 8
50667 Köln
Deutschland
Phone: +49 221-716071-0
Fax: +49 221-716071-99
E-mail: info@cre.ag
Internet: www.cre.ag
ISIN: DE0006338007
WKN: 633800
Indices: SDAX, GPR 250, MSCI Germany Small Cap Index, FTSE EPRA/
NAREIT, E&G DIMAX
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin, Hannover, München, Hamburg, Düsseldorf, Stuttgart
End of News DGAP News-Service
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DGAP-News: CRE Resolution takes over COVER Projektentwicklung GmbH
| Source: EQS Group AG