TAG Immobilien AG — M&A Activity 2004

Apr 30, 2004

News Details

Corporate | 30 April 2004 10:11

TAG subsidiary JUS AG and Patron Capital Ltd. from Britain agree to joint ventur

Corporate-news announcement sent by DGAP. The sender is solely responsible for the contents of this announcement. ——————————————————————————– TAG subsidiary JUS AG and Patron Capital Ltd. from Britain agree to joint venture Hamburg, April 30, 2004: “The object of the joint venture will be to purchase listed real estate, especially in Leipzig and Berlin, and turn the properties into projects, to organize the further sale and to carry out the planned conversion and modernization work,” says Jan von Lewinski, executive officer at JUS AG. The development of listed real estate is the core competence of JUS AG within the TAG Group. “Patron has discovered the German market for its own business and recognized the advantages of a German-British partnership,” explained Michael Haupt, executive officer of TAG and JUS AG. “JUS AG was recommended as an experienced partner in this field.” Being a financial investor, Patron Capital Ltd. from London is interested in direct investments and participations in companies. The first two projects are currently in planning, one of them a project for loft residences in Leipzig. JUS AG has been able to sell about 340 residences of this lifestyle product since 2001. The projects are being prepared for sale and are supposed to be put on the market before the end of this year. The property volume of the projects comes to around EUR12.5 million. This opens up new earnings potential for the TAG Group. Entering this joint venture gives JUS AG a financing alternative for the restoration of listed real estate properties. About TAG: TAG Tegernsee Immobilien- und Beteiligungs-Aktiengesellschaft (WKN 830350, ISIN DE0008303504) is a listed property company with market capitalization of around EUR 47,3 million. Its core business entails the acquisition of commercial, residential and special-purpose properties via equity interests in Germany. For more information, please contact: Olaf G. Borkers Member of the Management Board of TAG Tel.: +49 – 40 – 30 60 59 – 40 Fax: +49 – 40 – 30 60 59 – 49 E-mail info@tag-ag.com Große Bäckerstraße 3 20095 Hamburg end of message, (c)DGAP 30.04.2004 ——————————————————————————– WKN: 830350; ISIN: DE0008303504; Index: SDAX Listed: Amtlicher Markt in Frankfurt (Prime Standard) und München; Freiverkehr in Berlin-Bremen, Düsseldorf, Hamburg und Stuttgart 300913 Apr 04