TAG Immobilien AG sells three more commercial properties

(DGAP-Media / 20.12.2013 / 07:30)


TAG Immobilien AG sells three more commercial properties

Hamburg (20 December 2013) - TAG Immobilien AG ('TAG' in the following) this week sold a large office building in Munich with a total area of approx. 20,000 m², along with two other properties from its commercial portfolio.

The office building located in St.-Martin-Strasse in Munich-Giesing is fully leased until mid- 2017 and is part of a portfolio acquired from Siemens a few years ago. The property is to be repurposed in the long term. The buyer is a Munich project development company that will convert the property accordingly. Because a period of several years has been planned for the development, the contract closing is dependent on the success of the re-planning and cannot be expected before 2015. The purchase price was not disclosed.

TAG has also sold a former monastery in Oldenburg and a property in Cologne. The purchase prices were slightly higher than the book values.

Rolf Elgeti, CEO of TAG Immobilien AG, comments on the sales: 'These sales have brought us another step forward in our plan to further reduce our commercial portfolio through selected sell-offs. Although the contract for St.-Martin-Strasse is subject to various closing conditions, we are pleased to have found experienced project developers who will convert the property for a new, future-oriented use. We will use the equity released through these sales to expand our residential portfolio.'

Press enquiries:
TAG Immobilien AG
Head of Investor & Public Relations
Dominique Mann
Phone +49 (0) 40 380 32 300
Fax +49 (0) 40 380 32 388

End of Media Release

Issuer: TAG Immobilien AG
Key word(s): Real estate

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Company:TAG Immobilien AG
Steckelhörn 5
20457 Hamburg
Phone:040 380 32 0
Fax:040 380 32 390
ISIN:DE0008303504, XS0954227210
WKN:830350, A1TNFU
Listed:Regulierter Markt in Frankfurt (Prime Standard), München; Freiverkehr in Berlin, Düsseldorf, Hamburg, Hannover, Stuttgart
End of NewsDGAP-Media

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