• Based on IFRS book values, the sale will result in capital gains of EUR 2.8 million
• Selling price is approx. 30 % above IFRS book value

 

Hamburg, 05 January 2012 –TAG Immobilien AG (TAG in the following) has sold a property in Hamburg containing roughly 5,400 m² of residential space in 130 units. TAG and the buyer have agreed to keep the purchase price confidential; however, it is 30 % above the property’s current IFRS book value and will result in gains of around EUR 2.8 million.

The sale of the property was driven by the purchase price offered, which was well above the last appraisal. 

Rolf Elgeti, managing director of TAG Immobilien AG, says: "While TAG is a long-term investor, we occasionally take advantage of opportunities to realise profits by selling properties at attractive prices. We will invest the capital released in this way in buying properties with a much higher initial yield, which will further improve the operating profitability of the TAG group. We will, of course, continue to perform individual sales wherever this seems in line with value-optimising portfolio management.”  

About TAG Immobilien AG:

TAG Immobilien AG (TAG) is a publicly listed real-estate company with a 125-year history. The SDAX-listed company currently has a market cap of approx. EUR 450 million. Its primary businesses are residential and commercial properties in German metropolises, as well as property-related services. Through active asset management and targeted inventory development, TAG gradually leverages existing potential, which leads directly to an increase in rental profits. Essentially, its business activities centre on generating stable cash flows and attractive yields.

Press enquiries:

TAG Immobilien AG
Investor & Public Relations
Britta Lackenbauer / Dominique Mann
Tel. +49 40 380 32 0
Fax +49 40 380 32 390
pr(at)tag-ag.com