Warimpex Finanz- und Beteiligungs AG
euro adhoc: Warimpex Finanz- und Beteiligungs AG
Joint
Ventures/Cooperation/Collaboration
CA Immo International buys into Warimpex
development project Airportcity St. Petersburg
Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement.
26.11.2007
Warimpex sells 25% of its shares in the project company Foundation laid for further airport projects in Russia Decisive impact on results for the fourth quarter of 2007
Warimpex Finanz- und Beteiligungs AG has sold 25% of its shares in the project company that is developing the Airportcity project together with St. Petersburg Airport to the CA Immo International project development fund CA Immo New Europe for EUR 30m. At the end of September Warimpex was granted building permission for the first phase of development, which made the project attractive to investors whose value-added process commences with the start of construction work on a project.
Until now Warimpex held an 85% stake in the joint venture with St. Petersburg Airport.
The Airportcity St. Petersburg is projected as a business park, which when finally completed will comprise a 300-room four-star hotel besides office buildings with a net floor space of approx. 90,000 sqm. The opening of the hotel and three office complexes with about 40,000 sqm of net lettable floor space is scheduled for the end of 2009. Phase 2 will commence in mid-2009 at the earliest and be completed by the end of 2011. The total project volume amounts to some EUR 390m.
The sale of the shares will have a decisive impact on the Warimpex Group's results in the fourth quarter of 2007, thus enabling the financing of further development projects in the pipeline.
end of announcement euro adhoc 26.11.2007 08:00:00
Further inquiry note:
Warimpex Finanz- und Beteiligungs AG
Phone: +43 1 310 55 00
Christoph Salzer
mailto:presse@warimpex.com
Daniel Folian, mailto:investor.relations@warimpex.com
www.warimpex.com
Branche: Real Estate
ISIN: AT0000827209
WKN:
Index: ATX Prime
Börsen: Wiener Börse AG / official market