- Pressemitteilung BoxID 132695
MAGNAT sees inflow of EUR 5 million from sale from Turkish YKB portfolio
- The "Boronkay" property is sold with an area of 23,765 m²
- Selling price is 3.5 times the purchase price
- Sale will be recognised on cash flow statement for the third quarter; significant strengthening of the Company's liquidity
MAGNAT Real Estate Opportunities GmbH & Co. KGaA (ISIN: DE000A0XFSF0) is able to announce the successful sale of the "Boronkay" property, which is part of the YKB portfolio and covers 23,765 m². MAGNAT holds a 33.3% stake in this YKB portfolio and will receive EUR 5 million from the sale.
The "Boronkay" property was acquired in July 2007 as part of the overall portfolio and is located in Istanbul. The Turkish capital is marked by rapid population growth and therefore it was possible to achieve a respectable appreciation in value. Originally acquired for EUR 4.5 million and evaluated at EUR 7.3 million, the selling price of EUR 15.7 million means a return on investment amounting to 250%.
MAGNAT has held a 33.3% stake in the YKB portfolio since July 2007 and originally invested some EUR 21 million in equity. Re-marketing of the YKB portfolio has been very positive and therefore a total of EUR 8.5 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: "The successful sale of that part of our YKB project portfolio is very pleasing. To MAGNAT, the cash inflow of EUR 5 million means a significant strengthening of liquidity. However, more importantly we underpin the sustainability of our strategy with this sale. This is a path that we are pursuing intensively and consistently in the interest of our shareholders."
DEMIRE Deutsche Mittelstand Real Estate AG
MAGNAT is a German real estate company which focuses on real estate development in Eastern Europe supplemented by special business situations in the home market of Germany and Austria. Management concentrates on undervalued real estate markets and on markets with macroeconomic growth. MAGNAT's strategy is designed to exploit inefficiencies.
Unlike traditional investment strategies, MAGNAT profits not only from rental income, but also principally from attractive development returns. www.magnat-reop.com
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