Vivacon AG

euro adhoc: Vivacon AG
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VIVACON AG sells 886 apartments to conwert Immobilien Invest AG

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Cologne/Berlin, December 22nd 2004. As the single largest sale in its history, VIVACON AG (ISIN DE0006048911) has today sold a portfolio of 886 apartments through its subsidiary GERMAN REAL ESTATE OPPORTUNITIES GmbH & Co. KG to Austrian conwert Immobilien Invest AG (ISIN AT0000697750). These residential units are part of the GSW property portfolio acquired on October 8th from Cerberus/Whitehall located in Berlin/Schöneberg on Grazer Damm.  

These apartments have a total floor area of c. 56,000 sqm on a property of c. 70,000 sqm and consist of four blocks with enclosed courtyards. The total transaction volume reaches c. EUR 38.6 m including modernization and renovation. Lehman Brothers Europe Ltd. is providing the senior loan financing for this transaction.

This sale marks the successful entry of VIVACON group into the business with institutional real estate investors and the beginning of a partnership with conwert Immobilien Invest AG in the privatisation of residential properties in the German real estate market. In this capacity, VIVACON will provide encompassing services ranging from the modernisation to the marketing of the individual units on behalf of the conwert group.  

Under the same terms, a further 637 apartments from the same Grazer Damm porfolio are currently being marketed via ‚DWF1 - Deutscher Wohnungsprivatisierungsfonds 1’ (German Residential Privatisation Fund No. 1)  to private and institutional Investors.

In the gradual privatization process, individual apartments will primarily be offered to the current tenants, owner occupants and private real estate investors under ground lease terms.

Contact for further information:

VIVACON AG Manager Investor Relations Lars Schriewer Bayenthalgürtel 4 50968 Köln

Tel:  + 49-221-93 761 26 Fax: + 49-221-93 761 135 ir@vivacon.de http://www.vivacon.de

end of announcement                                euro adhoc 22.12.2004 18:55:28
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Further inquiry note: Lars Schriewer Tel.: +49 (0) 221 93761 26 E-Mail: lars.schriewer@vivacon.de

Branche: Real Estate
ISIN:      DE0006048911
WKN:        604891
Index:    General Standard, CDAX
Börsen:  Berliner Wertpapierbörse / free trade
              Hamburger Wertpapierbörse / free trade
              Baden-Württembergische Wertpapierbörse / free trade
              Frankfurter Wertpapierbörse / official dealing



Weitere Meldungen: Vivacon AG

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