DGAP-Adhoc: GSG GROUP - Disposal of Suncani Hvar receivables

GSG GROUP  / Key word(s): Disposal

11.06.2014 20:49

Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted
by DGAP - a company of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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GSG GROUP - Disposal of Suncani Hvar receivables

Luxembourg, 11th June 2014. GSG GROUP announces that on 11th June 2014 it
entered into a transaction concerning the disposal of its receivables from
Suncani Hvar d.d. ("SHH").
 
On 2nd April 2014 GSG GROUP acquired receivables from two bank creditors of
SHH. GSG GROUP now entered into a transaction concerning the disposal of
these receivables for a sale price equal to the nominal value and accrued
interests. GSG GROUP will as a result recognize a profit of close to EUR 9
million. The transferred receivables are secured by mortgages on SHH prime
assets. GSG GROUP also mediated the opportunity for ORCO PROPERTY GROUP to
dispose of its stakes in SHH. SHH filed for pre-bankruptcy proceedings in
April 2014.


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Information and Explaination of the Issuer to this News:

About us

GSG GROUP (formerly ORCO Germany S.A.) is a real estate group founded in
2004 that operates in Germany and headquartered in Luxembourg. It is listed
on the Regulated Market of the Frankfurt Stock Exchange, General Standard
segment. GSG GROUP specializes in commercial real estate, project
development and asset management, and is mainly active in the Berlin
market. Through its subsidiary, Gewerbesiedlungs-Gesellschaft (GSG), it
remains one of the leading providers of commercial real estate in Berlin.

Press-Contact:
Kirchhoff Consult AG 
Sebastian Bucher
Herrengraben 1
20459 Hamburg
T  +49 40 60 91 86 18
F  +49 40 60 91 86 60
E  sebastian.bucher@kirchhoff.de

11.06.2014 DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de

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Language:     English
Company:      GSG GROUP
              40, rue de la Vallée
              L-2661 Luxembourg
              Grand Duchy of Luxembourg
Phone:        +49 (0)30 390 93 116
Fax:          +49 (0)30 390 93 199
E-mail:       patricia.jaenisch@orco-gsg.de
Internet:     www.orcogermany.de
ISIN:         LU0251710041
WKN:          A0JL4D
Listed:       Regulierter Markt in Frankfurt (General Standard);
              Freiverkehr in Düsseldorf, Stuttgart
 
End of Announcement                             DGAP News-Service
 
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