Branicks Group AG: Further milestone successes for financial consolidation

EQS-News: Branicks Group AG / Key word(s): Real Estate/Miscellaneous Branicks Group AG: Further milestone successes for financial consolidation 08.08.2024 / 07:00 CET/CEST The issuer is solely responsible for the content of this announcement. Frankfurt am Main, August 8, 2024

Press release of the Branicks Group AG

Branicks Group AG: Further milestone successes for financial consolidation 

• Cash inflow of around EUR 94 million from share deals
• Strong operational development in recent months
• High pace of implementation of the restructuring plan 

Frankfurt am Main, August 8, 2024: Branicks Group AG ("Branicks"), ISIN: DE000A1X3XX4, one of Germany's leading listed real estate companies, has sold a package of eight companies with nine properties from the commercial portfolio of Branicks AG to VIB Vermögen AG as part of share deals. This resulted in a cash inflow for Branicks AG of around EUR 94 million. Together with high operating strength from the very successful letting business of recent months and the inflow of development fees from the completion of the Global Tower project in Frankfurt, the financial consolidation of Branicks AG is progressing very successfully. A further reduction in debt is planned for the coming weeks.

"In addition to an extremely successful letting business in recent months, we are also making excellent progress with our financial consolidation and the implementation of our restructuring plan and our 2024 transaction targets and are very confident that we will meet our 2024 annual targets in all components," commented Sonja Wärntges, CEO of Branicks AG, on the current development.  

The nine properties now transferred to VIB are located in Baden-Württemberg, Hesse and Hamburg and have a total lettable area of 81,113 sqm. They are predominantly multi-tenant office properties. They generate annualized rents of around EUR 16 million per year. The transfer supports the strategic development of VIB, in which Branicks holds around 69%, into a diversified real estate company with the logistics and office classes and into a major portfolio holder within the Branicks Group.