Ad-hoc | 3 May 2017 23:21
DEUTZ AG sells its Cologne-Deutz site
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DEUTZ AG / Key word(s): Real Estate
DEUTZ AG sells its Cologne-Deutz site Today, DEUTZ AG has sold the land occupied by its former Cologne-Deutz site to the Düsseldorf-based project developer GERCHGROUP. DEUTZ had announced its intention to sell the site back in mid-February. The premises in Cologne-Deutz, which cover an area of around 160,000 square metres, are no longer required following the site’s relocation to Cologne-Porz. GERCHGROUP intends to redevelop this former industrial site, which is close to the Rhine, to create a new city district with a high proportion of housing. DEUTZ expects to receive a sum around EUR125 million as purchase consideration this year. Depending on completion of the ongoing planning process, DEUTZ anticipates a further, final instalment of the purchase consideration in the coming years. The exact amount is not yet known and, provided the planning application is successful, will reach into the mid double-digit million euros. In the current year DEUTZ expects this transaction to deliver a positive contribution to earnings in the high double-digit million euros (after taxes) that will be recognised as an exceptional item. For further information on this DEUTZ AG ad-hoc disclosure, please contact: Investor & Public Relations
Christian Krupp
03-May-2017 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
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| Language: | English |
| Company: | DEUTZ AG |
| Ottostraße 1 | |
| 51149 Köln (Porz-Eil) | |
| Germany | |
| Phone: | +49 (0)221 822 0 |
| Fax: | +49 (0)221 822 3525 |
| E-mail: | ir@deutz.com |
| Internet: | www.deutz.com |
| ISIN: | DE0006305006 |
| WKN: | 630500 |
| Indices: | SDAX |
| Listed: | Regulated Market in Dusseldorf, Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange |
| End of Announcement | DGAP News Service |