Vivacon AG

VIVACON AG places AAA-securitization of ground leases in the amount of EUR 90m

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borrowings

Cologne (euro adhoc) - 06th November 2008. Vivacon AG (ISIN 000604 8911)via special purpose vehicles has placed a third securitization of ground lease cash flows from its inventory. The total transaction volume amounts to EUR 90m and the securitized ground lease cash flows to EUR 4.29m p.a. The resulting refinancing multiple of 21.0x corresponds to a loan to value of 58% of the assessed ground lease market value according to the respective appraisal. The securitized ground leases relate to 7,953 residential and commercial units. Fitch rated the complete transaction with AAA.

As with the two previous securitizations, the third securitization is also a Commercial Mortgage Backed Securities-Bond (CMBS) transaction. The term of the securitization is 7 years.

Including the two previous securitizations in 2006, the total transaction volume of the three securitizations amounts to EUR 269.5m with an underlying ground lease cash flow of EUR 12.1m p.a. The securitized ground leases relate to 22,954 residential and commercial units in total.

The placement of this transaction in the current difficult capital market environment as well as the AAA rating of the complete tranche underpins the high quality of the underlying ground lease cash flows: ground leases represent 100% CPI-indexed and generally 198 year dated cash flows. They are secured by a first ranking lien in the ground register and incur almost no operating expenses.

The proceeds which the company will receive at closing will be mainly used to repay the acquisition financing, short-term liabilities as well as for the acquisition of further ground lease portfolios. The closing is expected in the next few days.

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

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

Branche: Real Estate
ISIN:      DE0006048911
WKN:        604891
Index:    SDAX, CDAX, Classic All Share, Prime All Share, DAX
              International 100
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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