Accentro Real Estate AG

M&A Activity • Sep 27, 2013

News Details

Corporate | 27 September 2013 07:33

ESTAVIS AG: ESTAVIS Continues Portfolio Expansion and Acquires Portfolio in Chemnitz

ESTAVIS AG / Key word(s): Real Estate

27.09.2013 / 07:33

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Berlin, 27 September 2013 - ESTAVIS just acquired a portfolio of 160
residential units with a total residential floor area in Chemnitz. The
purchase price is more or less equivalent to eight times the going annual
rent. 'The acquisition marks the second step of the company's ongoing
expansion in Saxony that we recently initiated by acquiring a majority
interest in the J2P Real Estate AG,' explained Jacopo Mingazzini, Member of
the Management Board of ESTAVIS AG. 'The positive current trend makes
Saxony highly attractive for investments in residential real estate, and we
plan to continue our acquisitions.'

The two residential buildings built in 1988 and 1989 are situated in good
locations in the south-eastern part of the city. 'The campus of the
Chemnitz University of Technology with roughly 11,000 enrolled students is
located in the immediate vicinity,' explained Mingazzini. 'This generates a
constant demand impulse for the residential market, specifically a demand
for smaller flats.' Each of the acquired residential units has one to three
rooms and a floor area of 34 to 64 square metres, and most of them feature
a balcony. The buildings are to be redeveloped in order to boost future
revenue and capital growth.

About Estavis:
Estavis AG is a listed property company focusing on residential real
estate. The company selectively acquires residential portfolios with the
intention of holding these assets long-term. Accentro, a subsidiary of
Estavis and the Group's other mainstay, is the market leader in housing
privatisation services in Germany. Estavis AG is headquartered in Berlin
and is listed on the Prime Standard of the Frankfurt Stock Exchange (German
Securities Code Number [WKN]: A0KFKB).

Contact:
ESTAVIS AG
Investor & Public Relations
Tel: + 49 30 887 181 799
E-mail: ir@estavis.de

Dr. ZitelmannPB. GmbH
Holger Friedrichs
Tel.: + 49 30 72 62 76 157
E-mail: friedrichs@zitelmann.com

End of Corporate News

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Language: English
Company: ESTAVIS AG
Uhlandstr. 165
10719 Berlin
Germany
Phone: +49 (0)30 - 887 181 - 0
Fax: +49 (0)30 - 887 181 - 11
E-mail: info@estavis.de
Internet: http://www.estavis.de
ISIN: DE000A0KFKB3
WKN: A0KFKB
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf, Hamburg, München,
Stuttgart

End of News DGAP News-Service

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