InCity Immobilien AG: INCITY PURCHASES FURTHER PROPERTY IN THE FRANKFURT CITY CENTER
INCITY PURCHASES FURTHER PROPERTY IN THE FRANKFURT CITY CENTER
Fully let residential and office building acquired in the immediate vicinity of the "Zeil" shopping district The change in ownership and transfer of risks and rewards is to take place at the beginning of 2018
Frankfurt am Main, November 15, 2017 - Together with a project partner, InCity Immobilien AG has acquired a seven-story residential and office building with mainly residential units in Frankfurt am Main, in the immediate vicinity of the "Zeil" shopping district, through a subsidiary, expanding its property portfolio by a seventh building.
The property is located at Schäfergasse 38-40 and is nearly fully let with a rentable area of approximately 1,400 sqm, about 88% of which are allotted to residential space with a total of 40 residential units. The property currently generates gross rental income of approximately EUR 0.42m annually. The parties have agreed not to disclose the purchase price.
InCity holds 51% of the shares in the purchasing subsidiary and the project partner holds 49%. Initially, the acquisition will be fully financed with equity capital which InCity will provide to the subsidiary as a loan.
Due to the property's location in the Frankfurt city center in the immediate vicinity of the "Zeil" shopping district as well as the extensive modernization measures carried out in 2016, long-term value stability is predicted.
Reporting and contact person: Helge H. Hehl, CFA CFO InCity Immobilien AG Beethovenstrasse 71 60325 Frankfurt am Main, Germany Tel.: +49 (0)69 7191889 55 E-mail: email@example.com
15-Nov-2017 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.deLanguage: English Company: InCity Immobilien AG Beethovenstraße 71 60325 Frankfurt am Main
Germany Phone: IR: +49 (0)69 7191889 55 PR: +49 (0)69 7191889 66 Fax: +49 (0) 69 719 18 89 790 E-mail: firstname.lastname@example.org Internet: www.incity.ag ISIN: DE000A0HNF96 WKN: A0HNF9 Listed: Regulated Unofficial Market in Berlin, Dusseldorf, Frankfurt (Basic Board), Stuttgart, Tradegate Exchange End of Announcement DGAP News Service
629207 15-Nov-2017 CET/CEST