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The Grounds Real Estate Development AG
M&A Activity • Dec 28, 2023
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Ad-hoc | 28 December 2023 18:29
The Grounds Real Estate Development AG cancels purchase contract and receives compensation payment
The Grounds Real Estate Development AG / Key word(s): Real Estate/Forecast
The Grounds Real Estate Development AG cancels purchase contract and receives compensation payment
28-Dec-2023 / 18:29 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by EQS News – a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
Ad hoc announcement pursuant to Article 17 of the Market Abuse Regulation
The Grounds cancels purchase contract and receives compensation payment
Berlin, 28 December 2023 – Today, The Grounds Real Estate Development AG (The Grounds / ISIN: DE000A2GSVV5) cancelled the contract concluded on 18 March 2022 for the sale of the Terra Homes project in Erkner with a sales volume of EUR 18.5 million. The contract was cancelled by mutual agreement at the request of the buyer and is associated with the receipt of a compensation payment of EUR 5.55 million for The Grounds. As a result, the sales volume of The Grounds will decrease in the current financial year compared to previous planning to the extent that the construction progress achieved would have been recognised in the balance sheet as at 31 December 2023 according to the percentage of completion method. An amount of around EUR 9.2 million was recognised for this in the balance sheet for the first half of the year as at 30 June 2023. Against that, the compensation payment will increase earnings. As previously announced, updated guidance for 2023 will be provided in January 2024.
Contact:
The Grounds Real Estate Development AG
Jacopo Mingazzini, Management Board
Charlottenstraße 79-80, 10117 Berlin
T. +49 (0) 30 2021 6866
F. +49 (0) 30 2021 6849
E-Mail: [email protected]
Web: www.thegroundsag.com
– End of the Adhoc announcement –
End of Inside Information
28-Dec-2023 CET/CEST The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.eqs-news.com
| Language: | English |
| Company: | The Grounds Real Estate Development AG |
| Charlottenstraße 79-80 | |
| 10117 Berlin | |
| Germany | |
| Phone: | 030 2021 6866 |
| Fax: | 030 2021 6489 |
| E-mail: | [email protected] |
| Internet: | www.thegroundsag.com |
| ISIN: | DE000A2GSVV5, DE000A3H3FH2, |
| WKN: | A2GSVV, A3H3FH, |
| Listed: | Regulated Unofficial Market in Berlin, Dusseldorf (Primärmarkt), Frankfurt, Munich, Stuttgart, Tradegate Exchange |
| EQS News ID: | 1805259 |
| End of Announcement | EQS News Service |