Analyst Research

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Provider: Reuters Investment Profile
Provider: Sadif Analytics Prime
Provider: Edison Investment Research

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ESTAVIS AG to Acquire Residential Portfolio in Town of Bernau; to Increase Capital

Wednesday, 23 Jan 2013 02:39am EST 

ESTAVIS AG announced that it intends to acquire a residential portfolio including 177 housing units in the town of Bernau near Berlin. The properties are redeveloped and almost fully occupied, the vacancy rate being approximately 2%. The purchase price equals approximately EUR 10 million, and will be settled within the framework of a capital increase involving non-cash contributions in return for shares in the Company. Moreover, ESTAVIS AG resolved to increase the Company's share capital within the framework of a capital increase by 10% through cash contributions while excluding the shareholders' subscription rights. Within the framework of this capital increase, approximately 1.3 million shares will be placed with selected investors. The capital increase is already fully subscribed. The company will collect issuing proceeds totaling approximately EUR 2.3 million in the process.