Vivacon AG
VIVACON AG founds joint asset company with international real estate investor Forum Partners
Corporate news transmitted by DGAP – a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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Cologne, 11th October 2006. The joint venture, WIAG Wohnimmobilien AG
(“WIAG”), will predominantly focus on under-managed portfolios where WIAG
can add value and increase net operating income. This move will enable
VIVACON AG to expand its activities to include opportunistic residential
real estate portfolios, for example those characterized at the time of
acquisition by high short-term vacancy rates or redevelopment potential.
WIAG will acquire suitable portfolios in the form of leaseholds. VIVACON AG
will initially hold a minority stake of 30% in this joint company, which
will be reduced to 15% in the mid term.
VIVACON AG will identify investment opportunities and manage the assets on
behalf of WIAG. In return for its activities, VIVACON AG will receive 50%
of the ground lease income. Besides its participation in the ground leases,
VIVACON will participate in any future uplift in value of the managed
portfolio through its minority equity stake.
The joint venture intends to invest at least EUR 300 million in residential
real estate portfolios. The Saxony-Anhalt portfolio, which formed part of
the transaction announced on the 29th September, will be the first joint
investment. As part of that transaction, VIVACON AG sold this portfolio,
which has a value of approximately EUR 100m, to Forum Partners.
Forum Partners is a global real estate investment company which sponsors
and manages indirect value-added real estate investment funds in Europe and
Asia. With over US$1.2 billion under management on behalf of institutional
and individual investors around the world, Forum Partners has made 40
investments in 17 countries across Asia and Europe.
For further information:
Sven Annutsch
Head Corporate Finance
Tel: + 49 221 / 1305621 630
Sven.Annutsch@vivacon.de
Lars Schriewer
Director Communication
Tel: + 49 221 / 1305621 631
Lars.Schriewer@vivacon.de
Vivacon AG
Bayenthalgürtel 4
50968 Köln
Fax: + 49 221 / 1305621 950
http://www.vivacon.de
(c)DGAP 11.10.2006
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Language: English
Issuer: Vivacon AG
Bayenthalgürtel 4
50968 Köln Deutschland
Phone: +49 (0)221 937 61 – 0
Fax: +49 (0)221 937 61 – 13
E-mail: ir@vivacon.de
WWW: www.vivacon.de
ISIN: DE0006048911
WKN: 604891
Indices: SDAX
Listed: Amtlicher Markt in Frankfurt (Prime Standard); Freiverkehr in
Berlin-Bremen, Hamburg, München, Stuttgart
End of News DGAP News-Service
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