Accentro Real Estate AG

Share Issue/Capital Change • Mar 29, 2007

News Details

Ad-hoc | 29 March 2007 21:57

ESTAVIS AG: ESTAVIS sets IPO price at EUR 28 per share

ESTAVIS AG / IPO

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

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+++ Total IPO size of EUR 92 million (including greenshoe) +++ Scheduled to
be listed on the Prime Standard of the Frankfurt Stock Exchange as of 2
April 2007

Berlin, 29 March 2007: ESTAVIS AG, the Berlin-based real estate company,
together with its selling shareholders and the lead banks Cazenove and
WestLB, has set the issue price at EUR 28 per share. The Company is a
leading market-maker between private sellers of individual properties and
institutional buyers of property portfolios.

A total of 3,287,464 shares (including the greenshoe) have been allocated
to investors in Germany, and through an international private placement in
selected countries in the rest of Europe. This comprises a capital increase
of 2,000,000 shares and 858,664 secondary shares from selling shareholders.
Up to 428,800 additional shares will be offered by the selling shareholders
to cover over-allotments.

Around 18 percent of the shares have been allocated to investors in
Germany, 40 percent within the UK and the remainder in the rest of Europe.
Retail investors in Germany have received 1% percent of the total number of
shares offered. Every retail order is allocated 75% of their demand.

The total issue size will be EUR 92 million (including the greenshoe). The
Company expects to receive gross proceeds of around EUR 56 million. Should
the greenshoe option be fully exercised, approx. 42.6 percent of the
Company’s share capital of EUR 7,724,427 would be in free float. ESTAVIS’
shares are scheduled to commence trading on the Prime Standard of the
Frankfurt Stock Exchange on 2 April 2007.

Through this IPO, ESTAVIS AG will complete its acquisition of a majority
interest in Hamburgische Immobilien Invest SUCV AG, which was formally
known as HII Hanseatische Immobilien Invest AG (HII AG).

DISCLAIMER:
This document is not a securities prospectus and the information contained
therein does not constitute an offer to sell or a solicitation of an offer
to purchase any securities of ESTAVIS AG in Germany nor under any other
jurisdiction, in particular not where such kind of offer or solicitation is
prohibited or lacks the required permission. Potential investors in shares
of ESTAVIS AG are asked to familiarize themselves with and to observe the
respective restrictions. A decision to invest in the shares of ESTAVIS AG
should only be made on the basis of the securities prospectus detailing the
public offering of shares of Estavis AG in Germany, which has been
published under www.estavis.de on 19 March 2007. The information in this
document may not be disclosed outside of Germany, in particular not in the
United States, to US Persons according to regulation S of the US Securities
Act of 1933 or in publications with a general circulation in the United
States with the exception of a such disclosures or announcements outside
Germany which are mandatory under the German law. Any person who fails to
comply with these restrictions may violate the security laws of certain
jurisdictions, in particular in the United States. Shares in ESTAVIS AG are
not publicly offered outside of Germany.

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Information and Explaination of the Issuer to this News:

Additional Information about ESTAVIS
ESTAVIS AG is a real estate company which has its core business in real
estate portfolio assembly. The company is a leading market-maker between
private sellers of individual properties and institutional buyers of
(non-recourse financed) property portfolios. ESTAVIS generally assembles
and structures the portfolios to order or to fit market requirements. The
company sources properties through a network of more than 200 brokers,and
renovates them where appropriate. ESTAVIS also provides development
services and undertakes limited opportunistic development projects which
complement the core business.
ESTAVIS recently strengthened its business through the acquisition (in a
transaction which will be completed shortly) of a majority holding in the
Hamburg-based Immobilien Invest SUCV AG, the former HII Hanseatischen
Immobilien Invest AG ('HII AG'). HII AG is the holding company of the
HII/CWI Group (the 'HII/CWI Group'), which also includes the majority
holding acquired in CWI Real Estate AG by HII AG in September 2006. The
HII/CWI Group will extend ESTAVIS' business activities by selling
properties to private individuals. This will strengthen the relationships
with its institutional customers by offering a range of additional
services.
According to independent market studies, the demand for German property
portfolios continues to be strong. This can be attributed to the
introduction of REITS, which is expected in 2007, and the continued
interest in German real estate as an asset class.
In the calendar year 2006 the ESTAVIS Group posted on a proforma basis
total sales of approximately €136 million, with a proforma operating profit
of over €18.9 million (including the new holding in the HII/CWI for the
calendar year 2006). Since 2005, ESTAVIS has shown EBIT margins of
approximately 15 percent and above in its financial half year reports.
Rainer Schorr, ESTAVIS’ founder and majority shareholder, will also remain
the largest individual shareowner after the IPO.

ESTAVIS AG – Uhlandstraße 165 – D-10719 Berlin
Investor Relations
Telephone.: +49 (0)30 - 887 181-799
Fax: +49 (0)30 - 887 181-779
E-Mail: ir@Estavis.de
Website: www.Estavis.de

DGAP 29.03.2007

Language: English
Issuer: ESTAVIS AG
Uhlandstr. 165
10719 Berlin Deutschland
Phone: +49 (0)30 - 887 181 - 0
Fax: +49 (0)30 - 887 181 - 11
E-mail: info@estavis.de
www: http://www.estavis.de
ISIN: DE000A0KFKB3
WKN: A0KFKB
Indices:
Listed: Geregelter Markt in Frankfurt (Prime Standard)

Notierung vorgesehen / designated to be listed

End of News DGAP News-Service

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