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VIVACON AG sells 886 apartments to conwert Immobilien Invest AG

Disclosure announcement transmitted by euro adhoc.
  The issuer is responsible for the content of this announcement.
Cologne/Berlin, December 22nd 2004.
As the single largest sale in its history, VIVACON AG (ISIN
DE0006048911) has today sold a portfolio of 886 apartments through
its subsidiary GERMAN REAL ESTATE OPPORTUNITIES GmbH & Co. KG to
Austrian conwert Immobilien Invest AG (ISIN AT0000697750). These
residential units are part of the GSW property portfolio acquired on
October 8th from Cerberus/Whitehall located in Berlin/Schöneberg on
Grazer Damm.
These apartments have a total floor area of c. 56,000 sqm on a
property of c. 70,000 sqm and consist of four blocks with enclosed
courtyards. The total transaction volume reaches c. EUR 38.6 m
including modernization and renovation. Lehman Brothers Europe Ltd.
is providing the senior loan financing for this transaction.
This sale marks the successful entry of VIVACON group into the
business with institutional real estate investors and the beginning
of a partnership with conwert Immobilien Invest AG in the
privatisation of residential properties in the German real estate
market. In this capacity, VIVACON will provide encompassing services
ranging from the modernisation to the marketing of the individual
units on behalf of the conwert group.
Under the same terms, a further 637 apartments from the same Grazer
Damm porfolio are currently being marketed via ‚DWF1 - Deutscher
Wohnungsprivatisierungsfonds 1’ (German Residential Privatisation
Fund No. 1)  to private and institutional Investors.
In the gradual privatization process, individual apartments will
primarily be offered to the current tenants, owner occupants and
private real estate investors under ground lease terms.
Contact for further information:
VIVACON AG
Manager Investor Relations
Lars Schriewer
Bayenthalgürtel 4
50968 Köln
Tel:  + 49-221-93 761 26
Fax: + 49-221-93 761 135 
ir@vivacon.de
http://www.vivacon.de
end of announcement                    euro adhoc 22.12.2004 18:55:28 

Further inquiry note:

Lars Schriewer
Tel.: +49 (0) 221 93761 26
E-Mail: lars.schriewer@vivacon.de

Branche: Real Estate
ISIN: DE0006048911
WKN: 604891
Index: General Standard, CDAX
Börsen: Berliner Wertpapierbörse / free trade
Hamburger Wertpapierbörse / free trade
Baden-Württembergische Wertpapierbörse / free trade
Frankfurter Wertpapierbörse / official dealing

Plus de actualités: Vivacon AG
Plus de actualités: Vivacon AG
  • 28.10.2004 – 16:40

    euro adhoc: Vivacon AG / VIVACON AG transfers EUR 28.6 mn residential property portfolio

    Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement. Cologne, October 28th 2004. VIVACON AG (ISIN DE0006048911) has notarized the sale of the first 637 apartments of its Berlin residential portfolio to Deutscher Woh-nungsprivatisierungsfonds DWF 1 GmbH & Co.KG (‘DWF1’). This sale will be ...