ADO Properties : S.A. acquires in several transactions 1,594 units in Berlin
September 18, 2017 at 06:05 am
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DGAP-News: ADO Properties S.A. / Key word(s): Acquisition
ADO Properties S.A. acquires in several transactions 1,594 units in Berlin
18.09.2017 / 07:00
The issuer is solely responsible for the content of this announcement.
Berlin, 18 September 2017 - ADO Properties S.A. has signed several transactions for a total of 1,594 units in Berlin of which 1,467 are residential units and 127 are commercial units. The purchase price including transaction costs for 100% of the acquired assets amounts to EUR 262.5 million (including the assumption of certain liabilities). The agreements for the majority of the assets are subject to certain closing conditions. Closing of the transactions is expected to occur during Q4 2017. The assets are distributed across Berlin with around 25% in Central Locations.
The acquired portfolios have residential in-place rents between EUR 4.2 sqm/month to EUR 7.9 sqm/month and a vacancy rate of 3.2%. The Company expects new letting rents between EUR 6.5 sqm/month and EUR 11.0 sqm/month, reflecting a reversionary potential of up to 86% with an average of 42%. The total annual net cold rent from the portfolios at purchase amounts to EUR 9.2 million.
Together with the acquired assets ADO expects to take over EUR 99.2 million of loans with an average maturity of 8.4 years and an average interest rate of 1.9%. The remainder of the purchase price will be funded by existing liquidity.
18.09.2017 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement.
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Language:
English
Company:
ADO Properties S.A.
1B Heienhaff
L-1736 Senningerberg
Luxemburg
Phone:
+352 26 493 412
Fax:
+352 27 860 722
E-mail:
ir@ado.properties
Internet:
www.ado.immo
ISIN:
LU1250154413
WKN:
A14U78
Indices:
SDAX, FTSE EPRA/NAREIT Global Index, FTSE EPRA/NAREIT Developed Europe Index, FTSE EPRA/NAREIT Germany Index
Listed:
Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Dusseldorf, Stuttgart, Tradegate Exchange; Luxemburg
Adler Group SA, formerly known as ADO Properties, is a Luxembourg-based real estate company. The Company operates in Germany, in the residential real estate field with approximately 70,000 residential units, and a development pipeline of approximately 10,000 new flats in Germany. The Company focuses on asset and portfolio management, property and facility management and developing residential properties throughout Germany. The Company operates through two business segments: Residential property management and development. Residential property management offers renting and managing residential properties, the management of tenancy agreements and marketing of residential units with the focus on optimization of rental income. The development side of the business splits into build-to-sell projects and build-to-hold projects.