Announcement

TAG Immobilien AG acquires around 1,440 residential units in city of Brandenburg

TAG Immobilien AG acquires around 1,440 residential units in city of Brandenburg

DGAP-News: TAG Immobilien AG / Key word(s): Acquisition

06.03.2017 / 06:55
The issuer is solely responsible for the content of this announcement.


PRESS RELEASE

TAG Immobilien AG acquires around 1,440 residential units in city of Brandenburg

Hamburg (6 March 2017) - At the end of February 2017, TAG Immobilien AG (TAG) registered the purchase of a residential property portfolio with 1,441 units and approximately 73,300 sqm of rentable space in the city of Brandenburg. The purchase price, including transaction costs shouldered by TAG, was EUR 41.9m. The portfolio currently generates net rental income of around EUR 3.42m, and vacancy is currently at about 19.3%. The purchase is expected to close at the end of the second quarter of 2017.

In November and December 2016, the Group had already acquired real-estate portfolios with a total of 1,651 residential units in Thuringia, Saxony-Anhalt and North Rhine-Westphalia at a purchase price of EUR 63.6m. Net annual rent for these units totalled EUR 5.12m, and average vacancy was at 5.4% for a total lettable space of about 96,800 sqm. These purchases closed with effect from 31 December 2016.

Claudia Hoyer, COO of TAG, says: "The present acquisitions are a fantastic fit with our existing administrative structures and at an average of more than 8 percent, their gross initial yields are attractive. We can also realise further potential based on the existing vacancy. All told, we have acquired more than 3,000 residential units from November 2016 to February 2017. This, in conjunction with strong organic growth, will further strengthen our results and cash flows."

Press enquiries:
TAG Immobilien AG
Dominique Mann
Head of Investor & Public Relations
Phone +49 (0) 40 380 32 300
Fax +49 (0) 40 380 32 388
pr@tag-ag.com



06.03.2017 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de


Language: English
Company: TAG Immobilien AG
Steckelhörn 5
20457 Hamburg
Germany
Phone: 040 380 32 0
Fax: 040 380 32 388
E-mail: ir@tag-ag.com
Internet: www.tag-ag.com
ISIN: DE0008303504, XS0954227210, DE000A12T101
WKN: 830350, A1TNFU, A12T10
Indices: MDAX
Listed: Regulated Market in Frankfurt (Prime Standard), Munich; Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Stuttgart, Tradegate Exchange


 
End of News DGAP News Service

show this