Announcement

TAG Immobilien AG sells residential properties in Berlin to Union Investment

TAG Immobilien AG / Key word(s): Real Estate/Disposal10.01.2013 / 10:02 Hamburg, 10 January 2013 - At

TAG Immobilien AG sells residential properties in Berlin to Union Investment


TAG Immobilien AG / Key word(s): Real Estate/Disposal

10.01.2013 / 10:02


Hamburg, 10 January 2013 - At the end of 2012, TAG Immobilien AG ('TAG' in the following) sold three residential complexes encompassing 1,384 residential units in Berlin for a total of EUR 87 million. The disposal results in pre-tax earnings of around EUR 12 million based on the IFRS booking values. The new owner of the residential complexes is Union Investment Institutional Property GmbH, which acquired it for one of its specialist property funds.

The payment of the purchase price and the transfer of possession, rights and obligations are scheduled for the end of January 2013. However, the sale's effects on the balance sheet will be taken into account in TAG's annual financial statements for 2012.

Rolf Elgeti, CEO of TAG Immobilien AG, comments on the disposal:
'While TAG is primarily a long-term property investor, in exceptional cases we will take advantage of opportunities to realise sales. The approximately EUR 40 million in equity released from the sale can be invested in buying properties with a higher initial return on investment, so the sale further improves the TAG group's operating profitability and FFO. We will continue carrying out the occasional sale, in addition to making acquisitions, as part of our value-optimising management approach, and will continue to allocate the capital provided to us by our shareholders under careful consideration of the risks and opportunities involved.'

Press enquiries:
TAG Immobilien AG
Investor & Public Relations
Britta Wöhner / Dominique Mann
Phone +49 (0) 40 380 32 0
Fax +49 (0) 40 380 32 390
pr@tag-ag.com



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Language: English
Company: TAG Immobilien AG
Steckelhörn 5
20457 Hamburg
Germany
Phone: 040 380 32 0
Fax: 040 380 32 390
E-mail: ir@tag-ag.com
Internet: www.tag-ag.com
ISIN: DE0008303504
WKN: 830350
Indices: MDAX
Listed: Regulierter Markt in Frankfurt (Prime Standard), München; Freiverkehr in Berlin, Düsseldorf, Hamburg, Hannover, Stuttgart
End of News DGAP News-Service

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