Vivacon AG

EANS-Adhoc: Vivacon AG sells five development projects

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Vivacon AG (ISIN 000604 8911) has signed a purchase contract with an international investor about a part of its development business. The transaction should be implemented as of 30th June 2009. Condition for the closing is among others the banks approval to change of control. Details of the purchase price were not disclosed.

The sold assets are in total five development projects in Berlin, Hamburg and Düsseldorf with a total project volume of approximately EUR 345m and c. 610 units. A part of the employees in the development segment will change to the purchaser in the course of the transaction. The buyer - an experienced project developer for residential properties - intends to finalize the projects as planned. The development projects, which remain at Vivacon AG, will be finalized by the company as planned.

The disposal of part of the development business is an important part in the context of the ongoing restructuring of the Vivacon AG group. Vivacon AG will not only receive the purchase price but the common drain on liquidity during the construction phase for the five development projects will be omitted because of the disposal. In addition, overhead costs will be reduced.

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ots Originaltext: Vivacon AG
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Branche: Real Estate
ISIN:      DE0006048911
WKN:        604891
Index:    SDAX, CDAX, Classic All Share, Prime All Share, DAX
              International 100
Börsen:  Frankfurt / regulated dealing/prime standard
              Berlin / free trade
              Hamburg / free trade
              Stuttgart / free trade
              Düsseldorf / free trade
              München / regulated dealing

Weitere Meldungen: Vivacon AG

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