EYEMAXX completes sale of Sonnenhöfe / Largest transaction in company history / Selling price exceeds expectations at start of project

World News: . []

DGAP-News: EYEMAXX Real Estate AG / Key word(s): Real Estate/Miscellaneous

06.12.2018 / 10:00
The issuer is solely responsible for the content of this announcement.

Corporate News

EYEMAXX completes sale of Sonnenhöfe / Largest transaction in company history / Selling price exceeds expectations at start of project

Aschaffenburg, 6 December 2018 - EYEMAXX Real Estate AG (General Standard; ISIN DE000A0V9L94; 'EYEMAXX') has notarized the contract for the sale of the entire major project 'Sonnenhöfe' in Schönefeld near Berlin and thus successfully completed the largest transaction in the company's history to date. Consequently, the advanced negotiations for the forward sale announced in the ad hoc disclosure dated 27 September 2018 have now been contractually finalised. In addition, EYEMAXX and its project partner DIE Deutsche Immobilien Entwicklungs AG have achieved a purchase price that has exceeded the initial expectations. The purchaser is a group of major institutional investors. A not inconsiderable advance payment on the purchase price will be made in the near future. The remaining purchase price will be paid in line with the construction phases. It has been agreed not to disclose further details concerning the buyer and the purchase price. The consultant of the investors is Collineo Asset Management.

The contract stipulates that over the next three years, EYEMAXX will be responsible for the construction of the new 18-storey building on the site of around 51,000 square metres, the buyer is responsible for the respective letting and marketing of the properties. The construction company ZÜBLIN has been commissioned as the prime contractor for the project with fixed construction prices. A total of around 560 apartments with living space of over 38,000 square metres, approx. 11,400 square metres of office space, 1,200 square metres of retail space, two underground car parks and around 700 parking spaces are to be built. Construction work started in July 2018 and is going according to plan.

The 'Sonnenhöfe' project is one of EYEMAXX's largest real estate developments, alongside the 'Vivaldi-Höfe', also in Berlin-Schönefeld and the 'Postquadrat' in Mannheim. Together they account for a volume of more than EUR 500 million. In order to execute the 'Sonnenhöfe' project EYEMAXX has formed a joint venture, in which it holds a 50.1% interest, together with DIE Deutsche Immobilien Entwicklungs AG.

Dr. Michael Müller, EYEMAXX Real Estate AG's CEO explained: 'We are very pleased that we have now been able to contractually seal the sale of the entire project in Schönefeld. In addition, we have achieved a selling price on what is by far our company's largest deal and which exceeds our initial expectations.'

Max Pasquali, Deputy CEO of the EYEMAXX Group: 'The transaction once again underpins the quality of our projects, our expertise in developing major projects and our choice of location. The buyer does not pay when the project is completed, but in stages as an immediate down payment and at agreed project stages. With ZÜBLIN we have a very experienced prime contractor at our side. In addition, we can concentrate on the construction, as the buyer is taking over the letting and marketing of the properties.'

About EYEMAXX Real Estate AG

EYEMAXX Real Estate AG is a real estate company with a long-standing successful track record, focussing on residential properties in Germany and Austria. In addition, EYEMAXX also realises nursing homes in Germany and commercial properties in central Europe. In the company's recent past its corporate strategy has also included developing urban districts in Germany.

EYEMAXX' business activities take a dual-pronged approach. These include high-margin projects and also the continued expansion of its stocks of let commercial properties, which generate ongoing rental income and thus constant cash flows. In so doing, EYEMAXX uses the expertise offered by its experienced management team together with a strong team of real estate professionals, and also a well-established and broad network which opens up additional access to attractive properties and projects. The current project pipeline has thus been expanded to around EUR 975 million.

Shares of EYEMAXX Real Estate AG are listed in the General Standard of the Frankfurt Stock Exchange. The company has also issued several bonds, which are also listed on the stock exchange.

You can find more information at: www.eyemaxx.com


Investor Relations / Financial press
Axel Mühlhaus, Peggy Kropmanns
edicto GmbH
Tel.: +49 69 905505-52
E-mail: eyemaxx@edicto.de

06.12.2018 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de

show this

Read More: http://www.dgap.de/dgap/News/?eqsNewsID=1740057

Published: .

Search for other references to "eyemaxx" on SPi News


Previous StoryNext Story

SPi News is published by Sector Publishing Intelligence Ltd.
© Sector Publishing Intelligence Ltd 2019. [Admin Only]
Sector Publishing Intelligence Ltd.
Agriculture House, Acland Road, DORCHESTER, Dorset DT1 1EF United Kingdom
Registered in England and Wales number 07519380.
Privacy Policy | Terms and Conditions | Contact Us