euro adhoc: Vivacon AG
Mergers - Acquisitions - Takeovers
VIVACON AG
acquires CURANIS Group with EUR 4bn Assets under Management
Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement.
07.02.2008
VIVACON AG (ISIN DE0006048911) has today acquired 80% of CURANIS HOLDING GmbH as of 01 January 2008 in a strategic expansion into property management. CURANIS, which is based in Munster (Lower Saxony), is one of the largest real estate managers in Germany. The company services more than 53,000 residential and commercial units in more than 250 locations throughout Germany and has some 600 employees. The focus of the Group´s activities is in the residential sector, but the company has also successfully expanded into the commercial real estate sector in recent years. The market value of the properties under management currently amounts to approximately EUR 4bn.
CURANIS HOLDING GmbH will continue to be independently operated. The current executive directors will work together with VIVACON AG in the long-term to continue successful development of the group. CURANIS intends to grow the number of units under management to more than 100,000 residential and commercial units in the medium-term.
This acquisition is an important strategic step for VIVACON AG. The existing asset management activities will be expanded into property management, thus completing the company´s value chain of property ser-vices. In the future, VIVACON AG will be able to offer the complete range of residential real estate services required by institutional investors in a "one-stop shopping" approach, and thereby further increase the at-tractiveness and profitability of portfolios for investors. In addition, the proportion of VIVACON AG´s reve-nues and earnings generated from recurring sources will be further expanded through the acquisition.
In the financial year 2007E, CURANIS generated revenues of approximately EUR 25m with an EBIT-margin of more than 10%. The purchase price has been paid in cash with specially arranged bank financing. No details of the purchase price were disclosed.
end of announcement euro adhoc
Further inquiry note:
Sven Annutsch
Head Investor Relations & Corporate Finance
Tel: + 49 221 / 1305621 630
Sven.Annutsch@vivacon.de
Vivacon AG
Bayenthalgürtel 4
50968 Köln
Fax: + 49 221 / 1305621 952
http://www.vivacon.de
Branche: Real Estate
ISIN: DE0006048911
WKN: 604891
Index: SDAX, CDAX, Classic All Share, Prime All Share
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