Brief: S IMMO To Invest The Proceeds In Other Core Markets

S IMMO AG

16/09/2022 06:25

Sept 16 (Reuters) - S IMMO AG  SIAG.VI :
    * S IMMO AG SAID ON THURSDAY: S IMMO AG IS ACCELERATING THE
SALE
OF GERMAN RESIDENTIAL PROPERTIES AND WILL INVEST THE PROCEEDS IN
OTHER CORE MARKETS, IN PARTICULAR OFFICE PROPERTIES IN AUSTRIA
AND HUNGARY
    * THE MANAGEMENT BOARD AND SUPERVISORY BOARD OF S IMMO AG
TODAY
DECIDED ON THE FOLLOWING COURSE FOR AN ADJUSTED PORTFOLIO
STRATEGY: THE VALUE INCREASES ACHIEVED IN S IMMO'S GERMAN
RESIDENTIAL PORTFOLIO IN RECENT YEARS ARE TO BE REALIZED IN A
TIMELY MANNER
    * THE EXISTING LIQUIDITY RELEASED BY THE SALE OF GERMAN
RESIDENTIAL PROPERTIES (BOOK VALUE OF THE ENTIRE GERMAN
RESIDENTIAL PORTFOLIO AS OF 30 JUNE 2022: EUR 846.1 MILLION) IS
TO BE (RE)INVESTED, PARTICULARLY IN OFFICE PROPERTIES IN HUNGARY
AND AUSTRIA
    * AS A RESULT OF THE ACQUISITIONS AND THE PORTFOLIO
RESTRUCTURING,
S IMMO EXPECTS A SIGNIFICANTLY POSITIVE IMPACT ON ITS KEY
EARNINGS FIGURES FROM 2023 ONWARDS
    * S IMMO IS EXPECTED TO BENEFIT FROM OPERATIONAL SYNERGIES
AND
CLOSE COOPERATION WITH CPIPG AS A RESULT OF THIS REALIGNMENT AND
FOLLOWING THE MAJORITY ACQUISITION BY CPI PROPERTY GROUP
("CPIPG")

        
 Source text for Eikon:  urn:newsml:reuters.com:*:nNDL68QQPj
 Further company coverage:  SIAG.VI  

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