Vivacon AG

euro adhoc: Vivacon AG
other
VIVACON AG sells residential portfolio consisting of 3,862 units for approximately EUR 180m under ground lease terms

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04.12.2007

VIVACON AG (ISIN 000604 8911) has sold a further residential real estate portfolio to a Scandinavian institutional investor. The number of units sold amounts to 3,862 with a total area of approximately 245,000 sqm. The units are located predominantly in North Rhine-Westphalia, in Northern Germany and in Berlin. The transaction is structured in the form of a sale of shares in special purpose vehicles. Completion is subject to cartel authority approval.

The sale volume amounts to approximately EUR 180m. In addition, VIVACON AG will generate initial annual ground rents of some EUR 1.5m from the transaction. The ground lease contracts are indexed and have an initial maturity of 198 years. As a result of today´s transaction, the annual ground lease cash flows of the Company will increase to approximately EUR 13.5m.

VIVACON AG has already sold more than 12,400 units in the current fiscal year. Following this disposal, VIVACON AG will own some 5,400 units. All residential portfolios owned by the Company are valued at acquisition cost and have not been revalued. The management of VIVACON AG is of the opinion that the market value of the current residential real estate portfolio is significantly above its accounting value.

The management reiterates its communicated full-year guidance of a net income of EUR 54-58m.

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ots Originaltext: Vivacon AG
Im Internet recherchierbar: http://www.presseportal.ch

Further inquiry note:
Sven Annutsch
Head of Investor Relations & Corporate Finance
Tel: + 49 221 / 1305621 630
Sven.Annutsch@vivacon.de

Branche: Real Estate
ISIN:      DE0006048911
WKN:        604891
Index:    CDAX, Prime All Share, Classic All Share, SDAX
Börsen:  Börse Frankfurt / regulated dealing/prime standard
              Börse Berlin / free trade
              Börse Hamburg / free trade
              Börse Stuttgart / free trade
              Börse Düsseldorf / free trade
              Börse München / regulated dealing



Weitere Meldungen: Vivacon AG

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