PTA-News: PATRIZIA Immobilien AG: PATRIZIA sells portfolio with 1,150 units from own stock
The sale of PATRIZIA's own stock is progressing faster than expected

11/3/2014, 7:12 AM (Source: pressetext)
Augsburg (pta005/03.11.2014/07:11) - Key points: - Own stock continues to decrease to around 1,000 units at year end - Residential properties held for resale are excluded from sale

Business news for the stock market

Augsburg (pta005/03.11.2014/07:11) - Key points:
- Own stock continues to decrease to around 1,000 units at year end
- Residential properties held for resale are excluded from sale

PATRIZIA Immobilien AG has notarised the sale of a portfolio of 1,150 units with an area of around 75.400 sqm. Both parties agreed not to disclose the amount of the purchase price. The contribution to results that will be realised from the transaction has already been included in the forecast issued for an operating result of at least EUR 50 million for the 2014 business year.

PATRIZIA's stock of property intended for block sales amounted to 2,651 units at 30 September 2014 and - together with the residential resale portfolio - was originally planned to be largely sold off by the end of 2015. In addition to this sale of residential units located in and around Frankfurt/Main, Hamburg and Cologne/Düsseldorf, the sale of the entire stock in Leipzig (828 units) and Hanover (106) has also been notarised. PATRIZIA's own properties earmarked for single unit sales and the real estate already in the process of single unit sales (824 units at 30 September 2014) were not included in the sale.

This transaction marks a further step towards PATRIZIA achieving its goal of becoming a fully integrated real estate investment company. The funds freed up by the transaction will now be available for strategic development sooner than anticipated. At the same time, the process of debt reduction will continue, meaning that bank loans will fall below the forecast amount of EUR 100 million by the end of the year. In light of the already notarised sales, which will be reported in income once the transfer of ownership, usage and encumbrances has been completed in the fourth quarter of 2014, the company's own portfolio will decrease to around 1,000 units by the end of the year (31 December 2013: 4,064 units).

The Managing Board

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emitter: PATRIZIA Immobilien AG
address: Fuggerstraße 26, 86150 Augsburg
country: Germany
contact person: Investor Relations
phone: +49 821 50910-369
e-mail: investor.relations@patrizia.ag
website: www.patrizia.ag

ISIN(s): DE000PAT1AG3 (share)
stock exchanges: regulated market in Frankfurt; free market in Stuttgart, free market in Munich, free market in Hamburg, free market in Dusseldorf, free market in Hannover; open market in Berlin

[ source: http://www.pressetext.com/news/20141103005 ]