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TAG Immobilien AG — M&A Activity 2013
Dec 20, 2013
425_rns_2013-12-20_3dc86b3d-44d5-47a0-9093-a14411f8b0d8.html
M&A Activity
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Media | 20 December 2013 07:30
TAG Immobilien AG sells three more commercial properties
(DGAP-Media / 20.12.2013 / 07:30)
PRESS RELEASE
TAG Immobilien AG sells three more commercial properties
Hamburg (20 December 2013) – TAG Immobilien AG (‘TAG’ in the following) this week sold a large office building in Munich with a total area of approx. 20,000 m², along with two other properties from its commercial portfolio.
The office building located in St.-Martin-Strasse in Munich-Giesing is fully leased until mid- 2017 and is part of a portfolio acquired from Siemens a few years ago. The property is to be repurposed in the long term. The buyer is a Munich project development company that will convert the property accordingly. Because a period of several years has been planned for the development, the contract closing is dependent on the success of the re-planning and cannot be expected before 2015. The purchase price was not disclosed.
TAG has also sold a former monastery in Oldenburg and a property in Cologne. The purchase prices were slightly higher than the book values.
Rolf Elgeti, CEO of TAG Immobilien AG, comments on the sales: ‘These sales have brought us another step forward in our plan to further reduce our commercial portfolio through selected sell-offs. Although the contract for St.-Martin-Strasse is subject to various closing conditions, we are pleased to have found experienced project developers who will convert the property for a new, future-oriented use. We will use the equity released through these sales to expand our residential portfolio.’
Press enquiries:
TAG Immobilien AG
Head of Investor & Public Relations
Dominique Mann
Phone +49 (0) 40 380 32 300
Fax +49 (0) 40 380 32 388
End of Media Release
Issuer: TAG Immobilien AG
Key word(s): Real estate
20.12.2013 Dissemination of a Press Release, transmitted by DGAP – a company of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
DGAP’s Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
| Language: | English |
| Company: | TAG Immobilien AG |
| Steckelhörn 5 | |
| 20457 Hamburg | |
| Germany | |
| Phone: | 040 380 32 0 |
| Fax: | 040 380 32 390 |
| E-mail: | [email protected] |
| Internet: | http://www.tag-ag.com |
| ISIN: | DE0008303504, XS0954227210 |
| WKN: | 830350, A1TNFU |
| Indices: | MDAX |
| Listed: | Regulierter Markt in Frankfurt (Prime Standard), München; Freiverkehr in Berlin, Düsseldorf, Hamburg, Hannover, Stuttgart |
| End of News | DGAP-Media |
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| 245694 20.12.2013 |