Corporate | 24 October 2007 08:30
MAGNAT Real Estate Opportunities GmbH & Co. KGaA / Miscellaneous/Miscellaneous
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MAGNAT Real Estate Opportunities GmbH & Co. KGaA (ISIN DE000A0J3CH0) adds
to its portfolio an investment in the hotel project 'Palais Schwarzenberg',
a top-class luxury hotel in Vienna. With an investment of EUR 3 million,
MAGNAT holds a 18.75 per cent stake in the project development company; the
majority owner with a stake of 60 per cent is the JJW-Group.
The project comprises the re-development of the famous historic
baroque-building, the extension by a new complex and the construction of an
underground parking. The hotel in the unique location of the park of
'Schloss Belvedere' will upon completion offer an integrated overall
concept with a total of 125 rooms, conference rooms, a spacious spa area
and several restaurants. Financing for the overall project could be secured
already, filings for construction permits are under way.
At the same time, a strategic co-operation with JJW Hotels & Resorts,
primarily with respect to the expansion into Eastern Europe by JJW, was
agreed. JJW is part of an international group with total assets of USD 1.7
billion that acquires, develops and operates hotels and resorts in prime
locations throughout Europe and the Middle East. The group owns and
operates more than 50 international hotels. Founder and Chairman of the
JJW-Group is Sheik Mohamed Bin Issa Al Jaber.
Jan Oliver Rüster, CEO of MAGNAT, on the investment and the co-operation
with JJW: 'The hotel ‘Palais Schwarzenberg’ is an outstanding project not
only because its conception as a top-class luxury hotel but also because of
the historic relevance of the site and its integrated overall concept. At
the same time, this investment is of high strategic importance to MAGNAT
because of the co-operation with JJW. Together, we are in an excellent
position to capitalize on the tremendous growth opportunities in these
markets. Further common projects are already at an advanced stage of
examination.'
+++ About MAGNAT:
MAGNAT is a real estate company with a focus on real estate development in
Eastern European countries.
With its opportunistic strategy, MAGNAT capitalizes on inefficiencies in
real estate markets. In contrast to traditional investment strategies,
MAGNAT not only benefits from rental income, but also and primarily from
attractive development yields and the comparable short time of capital
employed in its projects. All projects must meet an above-average yield
requirement.
Management focuses on real estate markets with interesting development
cycles, i.e. undervalued markets ('anti-cyclical investing') and markets
with high economic growth rates ('growth markets'). The regional focus is
currently on Central, Eastern and South-Eastern Europe, supplemented by
opportunistic, special situations in the German home market.
MAGNAT Real Estate Opportunities GmbH & Co. KGaA
Grueneburgweg 18
60322 Frankfurt am Main
Investor Relations
Eva Moertenhuber
phone: +49 (0) 69 719 189 79 0
E-Mail: eva.moertenhuber@magnat-reop.com
Press Relations
edicto GmbH
Axel Muehlhaus / Werner Rueppel
phone: +49 (0) 69 905 50 55 2
E-Mail: amuehlhaus@edicto.de
24.10.2007 Financial News transmitted by DGAP
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