TAG Immobilien AG sells residential properties in Berlin to Union Investment
TAG Immobilien AG / Key word(s): Real Estate/Disposal
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:
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|Company:||TAG Immobilien AG|
|Phone:||040 380 32 0|
|Fax:||040 380 32 390|
|Listed:||Regulierter Markt in Frankfurt (Prime Standard), München; Freiverkehr in Berlin, Düsseldorf, Hamburg, Hannover, Stuttgart|
|End of News||DGAP News-Service|