Corporate | 13 July 2007 08:30
MAGNAT Real Estate Opportunities GmbH & Co. KGaA / Miscellaneous/Miscellaneous
Release of a Corporate News, transmitted by DGAP - a company of EquityStory
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The issuer / publisher is solely responsible for the content of this announcement.
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The portfolio was purchased from Yapı ve Kredı Bankası
A.Ş.(YKB), a leading Turkish bank and member of UniCredit Group. The
bank had offered the subject portfolio of its non-core real estate assets
by means of a public tender. At the end of the tender procedure the bid of
the consortium in which MAGNAT, Immoeast and Adama each hold an equal
stake, succeeded against several international competitors. The final
purchase contract between the consortium and YKB was signed on July 11th
2007.
Almost 69% of the portfolio's total cost value is represented by properties
located in Istanbul, Turkey's economic capital, with the rest spread
throughout the country including a number of other key Turkish cities.
While geographically concentrated, the portfolio is very well diversified
in terms of the market's most attractive asset classes: its largest
components are mixed-use properties (33% of the total portfolio cost)
followed by residential (30%) and commercial (26%). A smaller number of
assets fall under other niche asset segments. In total, there are over 400
assets in the portfolio which amount to almost 250,000 square meter of
built area.
In terms of tenant mix, a large part of the portfolio is comprised of
sale-and lease-back properties rented to YKB and its subsidiaries (mostly
bank branches and back office premises), with long-term contracts in place.
These properties are typically located in business districts of major
Turkish cities, including such excellent locations as the Şişli
district and Levent Plaza in Istanbul. The rest of the portfolio is
comprised of assets with development potential for attractive medium-sized
residential and commercial projects.
The Portfolio will be managed by a local asset management team affiliated
with Turk Ventures Advisory Limited ('Turkven'), a leading independent
Turkish private equity fund. Turkven's team will be complemented by an
Instanbul-based senior consortium representative who will support Turkven
in managing the portfolio and identifying new opportunities for the
venture's growth.
Jan Oliver Rüster, CEO of MAGNAT comments on the successful closing: 'This
investment is a milestone for MAGNAT. Firstly we have won a highly
attractive submission in Turkey due to our excellent network of project
partners. Secondly we get a unique opportunity to enter the Turkish real
estate market with an attractive portfolio and with experienced and
renowned partners. We expect this project to yield a double-digit return.'
David Flusberg, Adama's co-founder and President, added: 'We are extremely
pleased to be working with world-class partners like Immoeast, Magnat and
Turkven, as we establish together a position in the dynamic and
fast-growing property markets of Turkey.'
Dr. Karl Petrikovics, Chairman of Immoeast, further noted: 'The YKB
portfolio is truly a special opportunity for investing in an emerging
market at low risks due to the long-term lease contracts with one of the
internationally most-respected Turkish companies. Having found partners
with much experience on the Turkish market is another big advantage for us.
Furthermore, Turkey is both geographically and in market terms a logical
addition to our core business in CEE, SEE and the former Soviet Union.'
MAGNAT Real Estate Opportunities GmbH & Co. KGaA
Grueneburgweg 18
60322 Frankfurt am Main
Investor Relations
Jan O. Ruester
Chief Executive Officer
Phone: +49 (0) 69 719 189 79 0
E-mail: jan.ruester@magnat-reop.com
Press Relations
edicto GmbH
Axel Mühlhaus / Werner Rüppel
Tel.: +49 (0) 69 905 50 55 2
E-Mail: amuehlhaus@edicto.de
DGAP 13.07.2007
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