DGAP-Adhoc

WESTGRUND AG acquires 1,085 appartments in Berlin - largest single transaction in the company´s history

Westgrund AG  / Key word(s): Real Estate

01.03.2013 14:11

Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted
by DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.

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WESTGRUND AG has today acquired a residential portfolio with a total of
1,085 residential units in West Berlin. The acquisition is being made from
part of a commercial non-performing loan portfolio significantly below
market value.
The residential complex with a total living area of 75,300 sqm on a plot of
around 94,000 sqm is located in Berlin - Spandau.
The portfolio´s current net rental is EUR 3.92 million per annum.
The current vacancy rate is around 10%, with an average rental of just EUR
4.80/sqm, and there is significant potential for growth by re-letting the
existing vacant apartments.
The transfer of entitlements and obligations is planned for the 2nd quarter
of 2013.
Once this transaction is complete, WESTGRUND AG´s housing stock will
increase by 27% to almost 5,000 residential units. After completing the
transactions, the Group´s annualised net rental income will amount to EUR
17.3 million.
With this acquisition, WESTGRUND AG is continuing to expand both its
presence in Berlin and its position in the German property market.
As part of its growth strategy, WESTGRUND AG plans to continue to
significantly expand its residential portfolio, particularly in Berlin and
attractive locations with development potential.
About WESTGRUND AG:
WESTGRUND AG is a young, dynamic and opportunistic property company
headquartered in Berlin. With a clear focus on residential property, it
buys, manages and develops residential portfolios with appreciation
potential in various areas of Germany with promising, solid micro sites.
Values are increased in a sustainable manner thanks to its own active asset
management. Its principal locations are the Berlin area, North
Rhine-Westphalia, Lower Saxony and the Rhine-Main area.
In the medium-term, the company plans to increase its housing stock to
20,000 apartments.
Shares in WESTGRUND AG (WKN: A0HN4T, ISIN: DE000A0HN4T3) are admitted to
the regulated market of the Düsseldorf stock exchange, where they are
listed and traded, as well as to the Xetra trading of the Frankfurt/Main
stock exchange, among others.
Contact:
WESTGRUND AG
IR/PR: Lars Schriewer
E-mail: [e-mail]

Westgrund AG
JoachimstalerStrasse 34
10719 Berlin
Deutschland
Telefon:[phone]
Fax: [phone]

01.03.2013 DGAP´s Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de

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Language:     English
Company:      Westgrund AG
              Joachimstalerstrasse 34
              10719 Berlin
              Germany
Phone:        [phone]
Fax:          [phone]
E-mail:       [e-mail]
Internet:     www.westgrund.de
ISIN:         DE000A0HN4T3
WKN:          A0HN4T
Listed:       Regulierter Markt in Düsseldorf; Freiverkehr in Berlin,
              Hamburg, Stuttgart; Frankfurt in Open Market

End of Announcement                             DGAP News-Service

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