InCity Immobilien AG expands its business focus to include retail property
- Expansion of REIS segment with additional retail properties - Capital commitment of 10 million euro from investors - Significant earnings lift expected from 2009
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Cologne (euro adhoc) - 17 October 2008 - InCity Immobilien AG, a group of companies specialised in the planning and realisation of high-quality properties in inner city locations, is expanding its business activities. In addition to the existing residential properties the company will increase the development of retail properties in high street locations. Using additional external equity InCity anticipates a further increase of its recently established REIS "Real Estate Investment Services" segment.
InCity has received equity commitments of up to 10 million euro from institutional and private investors. After successfully initialising projects in Cologne and Celle InCity gained funding commitments from Nürnberger Versicherungsgruppe, the asset management company BN & Partner and private investors. In combination with additional debt finance, InCity plans to use these funds to purchase earmarked retail objects in inner city locations throughout Germany with a total target volume of 40 million euro. The pipeline is already well filled with a project volume totalling 60 million euro. The management expects these projects to make a significant contribution to Group earnings as from 2009.
"By expanding our business activities to the retail sector, we take our existing know-how and network one step further. With the resulting synergies and the external equity we accelerate the value of our group of companies without diluting the EPS", explains InCity Board Member André Peto. "Demand for retail objects at top locations remains very high despite significant declines in other commercial areas."
About InCity Immobilien AG
InCity Immobilien AG specialises in the planning and realisation of high-quality property in inner city locations. The company develops and markets both residential and retail properties using its inhouse expertise to minimise project running time and to deliver high value added in the process. InCity pools the experience accumulated through about 250 high-quality heritage building redevelopment and new building projects for discerning self-users and investors. The company creates exclusive, high-value space tailored to customers´ needs in top locations of German metropolitan areas. InCity underlines its corporate responsibility towards society and the environment through participation in the UN Global Compact, the international initiative of the United Nations for the promotion of social and environmental principles. Further information: www.incity.ag
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Further inquiry note:
InCity Immobilien AG
André Peto
Phone: +49 (0) 221 95 27 57 55
a.peto@incity.ag
Investor Relations
Dariusch Manssuri
Phone: +49 (0) 221 91 40 970
dariusch.manssuri@ir-on.com
Branche: Real Estate
ISIN: DE000A0HNF96
WKN: A0HNF9
Börsen: Börse Frankfurt / free trade/entry standard
Börse Berlin / free trade
Original content of: InCity Immobilien AG, transmitted by news aktuell