- Pressemitteilung BoxID 153345
MAGNAT enjoys inflow of over eight million euro from lucrative partial sale of the Turkish 'YKB' portfolio
- Gratifying return from the sale of the 'Sisli' property, which covers an area of 3,660 square metres
- Proceeds from the sale equate to 2 times the purchase price
- Sale will be recognised on MAGNAT's Q4 income statement
- Already sound cash position further strengthened
MAGNAT Real Estate Opportunities GmbH & Co. KGaA ('MAGNAT', ISIN DE000A0XFSF0) is able to announce the sale of the 'Sisli' property, which is part of the YKB portfolio and covers an area of 3,660 square metres. MAGNAT holds a 33.3% stake in the YKB portfolio and will receive EUR 8.5 million from the sale.
The 'Sisli' property was acquired in July 2007 as part of the overall portfolio and is centrally located in Istanbul in one of the main shopping streets. The Turkish capital is marked by rapid population growth and therefore it was possible to achieve a respectable appreciation in value. Initially planned as a development project, it was sold as property following an attractive purchase offer. Originally acquired for EUR 12.8 million and with a selling price of EUR 25 million, an IRR amounting to about 32% was achieved.
MAGNAT holds a 33% stake in the YKB portfolio and originally invested some EUR 21 million in equity. Re-marketing of the YKB portfolio has been extremely positive thus far and a total of about EUR 17 million has flowed back into the Company from this portfolio. Further inflows are expected in the coming months.
Jan Oliver Rüster, CEO of MAGNAT, comments: "This very profitable sale of the Sisli property is extremely gratifying and within just a few months it is another success story from our Turkish portfolio, which continues to comprise very interesting projects that will attract an equally appealing return. Once again, we have substantiated the sustainability of our business model and strategy. Our well diversified portfolio again proofs the ability to absorb economic volatilities. For MAGNAT this sale means a further strengthening of our solid liquidity and will have a positive impact on our earnings in the fourth quarter."
DEMIRE Deutsche Mittelstand Real Estate AG
MAGNAT Real Estate Opportunities GmbH & Co. KGaA is the first real estate company with a focus on property development in Eastern European, Austrian and German metropolitan areas to be listed in Frankfurt.
MAGNAT has evolved into an integrated real estate group. The Company covers the entire value chain - from acquisition across development through to the sale of projects and land. In addition, the Group provides real estate asset management for third parties in particular via its subsidiaries.
The strategy of MAGNAT is designed to exploit inefficiencies in real estate markets. Unlike the traditional 'Buy & Hold' approach, MAGNAT takes a 'Develop & Sell' or 'Buy & Sell' approach, which focuses on property development supplemented by portfolio trading.
MAGNAT investors participate in development returns in Eastern Europe, South-Eastern Europe, the Commonwealth of Independent States (CIS) as well as in Germany and Austria.
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