DGAP-News: DEMIRE Deutsche Mittelstand Real Estate AG / Key word(s):
Strategic Company Decision/Real Estate
DEMIRE Deutsche Mittelstand Real Estate AG: DEMIRE plans sell-off of
legacy portfolio in the third quarter of 2015
07.07.2015 / 11:16
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DEMIRE plans sell-off of legacy portfolio in the third quarter of 2015
- Legacy portfolio to take form of a Dutch BV
- Proceeds of EUR 7.36 million (carrying amounts) expected
- Company's focus on German commercial and logistics real estate
Frankfurt/Main, 7 July 2015 - DEMIRE Deutsche Mittelstand Real Estate AG
("DEMIRE", ISIN DE000A0XFSF0) today announced its plans for structuring and
disposing of the legacy portfolio acquired prior to 2014. Before the change
in DEMIRE's focus in 2014 to German commercial real estate, the Company -
under the name of "MAGNAT Real Estate AG" - acquired real estate, project
companies, shelf companies and properties in a variety of countries
including the Netherlands, the Ukraine, Austria and Georgia, among others.
Thirty of the roughly sixty companies included in the legacy portfolio were
either sold, liquidated or merged. The form of a Dutch BV, which contains
the remaining companies, was streamlined once again significantly reducing
its complexity. The goals of the structural changes that simplified the
organisation under corporate law in the legacy portfolio were to
significantly reduce the fixed costs and to simplify the disposal of the
entire legacy portfolio by the year's end. The Executive Board also expects
proceeds from the disposal in the order of the carrying amount of EUR 7.36
million. The assumption of debt or other legacy obligations are neither
expected nor foreseeable at this time.
Markus Drews of the DEMIRE Executive Board: "With the finalisation of the
planned sale of the legacy portfolio by the year's end, we will have
completed DEMIRE's realignment. According to our plans, our portfolio will
exclusively hold German commercial and logistics real estate as of the
fourth quarter of 2015. At the same time, the EUR 7.36 million in expected
proceeds will provide further opportunities to increase our holdings in
Germany."
The Executive Board
About DEMIRE Deutsche Mittelstand Real Estate
Leading holder of commercial real estate
DEMIRE Deutsche Mittelstand Real Estate AG is transforming itself into a
leading holder of German commercial real estate. The core business
activities of the Frankfurt/Main headquartered real estate group consist of
the acquisition, the management and the rental of commercial real estate
and their further development, for example, through modification,
modernisation or expansion, and increasing their value through active
portfolio management.
The commercial property portfolio consists of more than 610,000 m2 of
rentable space as of May 31, 2015, mainly comprising of office and
logistics properties. Annualised net rent excluding utilities amounts to
approximately EUR 32.8 million. The portfolio's regional focus lies in
Bavaria, North Rhine-Westphalia, Baden-Württemberg and Saxony. The in-house
asset, property, and facility management ensures the optimum management and
development of the holdings
The DEMIRE real estate group pursues a buy-and-hold-strategy combined with
active portfolio management. It is concentrated on both the value-added and
core-plus investment approaches. The combination of these two approaches
offers a balanced risk-return ratio and attractive opportunities.
The real estate group's lean structure allows it to take action quickly and
flexibly. The shares of DEMIRE Deutsche Mittelstand Real Estate AG (ISIN
DE000A0XFSF0) are listed in the regulated market (General Standard Segment)
of the Frankfurt Stock Exchange.
Contact
DEMIRE Deutsche Mittelstand Real Estate AG
Lyoner StraÃe 32
60528 Frankfurt am Main
Phone: +49 (0) 69-719 189 79 0
Fax: +49 (0) 69-719 189 79 11
Email: ir@demire.ag
Web: www.demire.ag
Investor Relations
GFEI Aktiengesellschaft
Lars Kuhnke
Phone: +49 (0) 511 47 40 23 10
Email: ir@demire.ag
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Language: English
Company: DEMIRE Deutsche Mittelstand Real Estate AG
Lyoner StraÃe 32
60528 Frankfurt am Main
Germany
Phone: +49 (0)69 / 719 189 79 0
Fax: +49 (0)69 / 719 189 79 11
E-mail: info@demire.ag
Internet: www.demire.ag
ISIN: DE000A0XFSF0
WKN: A0XFSF
Listed: Regulated Market in Frankfurt (General Standard);
Regulated Unofficial Market in Berlin, Stuttgart
End of News DGAP News-Service
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375759 07.07.2015
DGAP-News: DEMIRE Deutsche Mittelstand Real Estate AG: DEMIRE plans sell-off of legacy portfolio in the third quarter of 2015
| Source: EQS Group AG