Brief: Instone Real Estate Group Says To Acquire Residential Property Development Activities Bundled In S&P Stadtbau Of Sontowski & Partner Group

Instone Real Estate SE

15/08/2019 21:00

Aug 15 (Reuters) - Instone Real Estate Group AG  INS2.DE :
    * DGAP-ADHOC: INSTONE REAL ESTATE GROUP AG: STRATEGIC
BUSINESS
ACQUISITION
    * INSTONE REAL ESTATE GROUP - AGREEMENT TO ACQUIRE
RESIDENTIAL
PROPERTY DEVELOPMENT ACTIVITIES BUNDLED IN S&P STADTBAU OF
SONTOWSKI & PARTNER GROUP
    * MORE THAN 20 EMPLOYEES BASED IN ERLANGEN WILL BE ADDED TO
INSTONE PLATFORM
    * AGREED PURCHASE PRICE AMOUNTS TO APPROXIMATELY EUR 74
MILLION
    * INSTONE REAL ESTATE GROUP - AGREEMENT INCLUDES POTENTIAL
EARN-OUT PAYMENTS FOR IDENTIFIED PROJECTS WITH A TOTAL SALES
VOLUME OF A FURTHER EUR 250 MILLION
    * FOR FISCAL YEAR 2022 ADJUSTED GROUP REVENUES EXPECTED TO
EXCEED
EUR 1 BILLION

Source text for Eikon:  ID:nEQ38Zx3Ka 
Further company coverage:  INS2.DE 

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