EANS-News: InCity Immobilien AG
Incity Immobilien AG acquires majority stake
in Informica real invest AG
- Take-over of 66% stake with a financial investor - Undervalued real estate investment - High synergy potential - Preliminary figures for the financial year 2008 confirmed
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investments
Cologne (euro adhoc) - 2 April 2009 - InCity Immobilien AG, a group of companies specialised in planning and realising high-quality properties in central urban locations, has purchased a majority stake in the listed real estate company Informica real invest AG. Together with a private financial investor, InCity purchased 66% of Informica shares previously held by the Absolute European Catalyst Fund.
Informica real invest AG focuses on the acquisition of high-yield, mainly residential real estate with development and value added potential, real estate brokerage as well as real estate management and administration. As of 31 December 2008, Informica had a real estate portfolio of 30 properties with 683 residential and commercial units in central and highly marketable locations in Germany, including Berlin, Erfurt, Weimar and Würzburg. The investment volume of the portfolio amounts to around EUR 54 million with a total floor space of 58,273 square meters. In addition, the company offers an attractive project development pipeline.
The similar alignment of the two companies, the common focus on centrally located real estate as well as the overlap of geographic regions promise a wide range of potential synergies. With its specialisation in project development, InCity can provide its expertise and network in financing, realising and sales, while Informica continues to concentrate on its asset management know-how.
InCity Managing Board member André Peto: "Purchasing the majority stake in Informica represents an attractive real estate investment at a very favourable price. In case of a partial consolidation of Informica our total equity will increase by EUR 11-13 million. Our aim is to further increase the value of informica's equity by stepping up cooperation especially when it comes to development projects in the existing portfolio. We view the total integration of Informica into our group as a mid-term possibility."
Group figures for 2008 confirmed
In addition, InCity Immobilien AG confirmed the preliminary figures for the financial year 2008 published on 23 March. The group sustained its strong growth last year despite the downbeat market environment. The company's sales came in at EUR 60.2 million, while the total operating performance including other operating income was recorded at EUR 77.8 million. The operating result (EBIT) improved to EUR 9.1 million. After interest and taxes, annual net income totalled EUR 5.1 million, a plus of around 70% compared to the previous year (EUR 3.0 million). As of 31 December 2008, the group had total assets of EUR 93.5 million, significantly up on the previous year's figure of EUR 58.2 million. The InCity Immobilien AG Managing and Supervisory Boards will propose a dividend of EUR 0.35 per share at the Annual General Meeting.
The consolidated financial statements of InCity Immobilien AG will soon be available on the company's website www.incity.ag.
About InCity Immobilien AG: InCity Immobilien AG specialises in the planning and realisation of high-quality property in inner city locations. The company develops and markets both residential and retail properties using its inhouse expertise to minimise project running time and to deliver high value added in the process. InCity pools the experience accumulated through about 250 high-quality heritage building redevelopment and new building projects for discerning self-users and investors. The company creates exclusive, high-value space tailored to customers' needs in top locations of German metropolitan areas. InCity underlines its corporate responsibility towards society and the environment through participation in the UN Global Compact, the international initiative of the United Nations for the promotion of social and environmental principles. Further information: www.incity.ag
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Further inquiry note:
InCity Immobilien AG
André Peto
Phone: +49 (0) 221 95 27 57 55
a.peto@incity.ag
Investor Relations
Dariusch Manssuri
Phone: +49 (0) 221 91 40 970
dariusch.manssuri@ir-on.com
Branche: Real Estate
ISIN: DE000A0HNF96
WKN: A0HNF9
Börsen: Börse Frankfurt / free trade/entry standard
Börse Berlin / free trade
Original content of: InCity Immobilien AG, transmitted by news aktuell