Colonia Real Estate AG selling its 4.8% stake in office and commercial real estate portfolio
DGAP-News: Colonia Real Estate AG / Key word(s): Miscellaneous
Colonia Real Estate AG selling its 4.8% stake in office and commercial
real estate portfolio
04.01.2011 / 07:30
Colonia Real Estate AG selling its 4.8% stake in office and commercial real
estate portfolio
- Joint venture with Oaktree Capital Management LP covers the Herkules
and Homer office and commercial real estate portfolios
- Sales underpins Colonia's focus on attractive residential properties in
Germany
Cologne, January 4, 2011 - For strategic reasons, Colonia Real Estate AG
sold its 4.8% stake in the joint venture with Oaktree Capital Management
LP. The buyer is OCM German Real Estate Holding AG by way of a share
buyback. The purchasing price is at the carrying amount of approximately
EUR 4.5 million.
The joint venture established at the end of 2006 was originally made up of
some 49 office and commercial real estate properties with 520,000 square
meters of rental space ('Herkules portfolio'). At the end of 2007, the
'Homer' portfolio, consisting of 12 office properties, was added -
extending the rental space to 790,000 square meters. The Colonia stake was
held by CRE German Office GmbH, a subsidiary of Colonia Real Estate AG.
Stephan Rind, CEO of Colonia Real Estate AG on the sale: 'The sale of our
4.8% stake was driven by strategic reasons, clearly showing the focus
Colonia has on our two core business areas - investments in residential
properties and services for third parties. After Oaktree terminated the
asset management mandate in the middle of 2008, there was no reason for us
to maintain the stake on a longer-term basis.'
The Management Board
Cologne, 4 January 2011
Colonia Real Estate AG
Zeppelinstraße 4-8
D - 50677 Cologne
Admitted to: Regulated Market of the Frankfurt Stock Exchange (Prime
Standard)
ISIN: DE0006338007
WKN: 633800
About Colonia Real Estate AG
Colonia Real Estate AG is one of the leading exchange-listed real estate
investment and asset management groups in Germany, with approx. 19,000
residential units and more than 2.1 billion Euro in real estate assets
under management.
Colonia's integrated business model is based on two pillars: As an active
portfolio owner, the investment segment is primarily focussed on the
acquisition and management of high-yield residential real estate portfolios
and on co-investments in residential and commercial real estate with
reputable partners. The second pillar in Colonia's business model is the
Service segment. Colonia Real Estate Solutions offers a modular assortment
of all services along the life cycle of real estate objects, including the
sale and privatisation of residential real estate portfolios across
Germany.
Contact:
Claudia Kellert
Head of Investor Relations & Kommunikation
Zeppelinstraße 4-8, 50667 Cologne, Germany
Tel +49. (0)221. 71 60 71-0, Fax +49. (0)221. 71 60 71-99
[email protected]
Contact:
Claudia Kellert
Head of Investor Relations and Communication
Colonia Real Estate AG
Zeppelinstr. 4-8
50667 Cologne, Germany
Phone +49 (0)221 71 60 71 0
Fax +49 (0) 221 71 60 71 99
E-Mail: [email protected]
End of Corporate News
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Language: English
Company: Colonia Real Estate AG
Zeppelinstr. 4 - 8
50667 Köln
Deutschland
Phone: +49 221-716071-0
Fax: +49 221-716071-99
E-mail: [email protected]
Internet: www.colonia.ag
ISIN: DE0006338007
WKN: 633800
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf, Hamburg, Hannover,
München, Stuttgart
End of News DGAP News-Service
108082 04.01.2011