EYEMAXX Real Estate AG: EYEMAXX resolves significant increase to commercial investment property portfolio - first purchase fixed
EYEMAXX resolves significant increase to commercial investment property portfolio - first purchase fixed* Opportunistic acquisition of a large commercial property in Bamberg which can be extended * Conversion and extension of the property for multi-functional use with a project volume of around EUR 50 million through to mid-2020 * Annual rental income for EYEMAXX will increase purely from this project upon completion by around EUR 3.00 million p.a.
Aschaffenburg, 10 April 2018 - EYEMAXX Real Estate AG (ISIN DE000A0V9L94) is significantly expanding its real estate holdings and has sustainably reinforced its ongoing rental income with the acquisition and development of a town-centre, multifunctional commercial property in Bamberg. The purchase agreement for the centrally located property with 17,500 square meters was signed today. At present this site, directly beside Bamberg's main train station, houses a CineStar cinema with a total of more than 1,500 seats, a parking garage with around 700 places and other areas which can be revitalised.
After completing the plans and receiving planning permission in Q4 2018, EYEMAXX is planning to extensively redesign the complex over around 18 months with a total project volume of around EUR 50 million. The cinema and parking garage, which already throw off annualised rent of around EUR 0.65 million, will remain intact. The extension and revitalising conversion of the existing property will result in a hotel in the upper storeys with 150 rooms and a boarding house with 50 serviced apartments (LOI from the tenant already available). It is planned to locate select retail stores and catering establishments on the ground floor. EYEMAXX believes that the hotel, boarding house, retail units, cinema and parking garage will generate annual net rent of around EUR 3.00 million. After the project has been completed, the annual rental income from the EYEMAXX portfolio of commercial investment properties will increase by around EUR 3.00 million. The seller was represented by Corpus Sireo Real Estate GmbH.
Dr. Michael Müller, the CEO and major shareholder of EYEMAXX commented: "In Bamberg we are using our real estate expertise to develop a property which is showing signs of its age to become an attractive project for our own portfolio. From the current perspective, the conversion to and extension of this property group, which has excellent potential for rental income thanks to its location, will allow us to double our portfolio of commercial properties at attractive costs. Our two divisions of "Development" and "Portfolio" complement each other perfectly in this project. The substantial additional rental income will substantially reinforce our regular cash flow and will further optimise the risk/return profile for EYEMAXX. In addition, we are proud to be making a contribution to shaping the face of Bamberg town centre."
About EYEMAXX Real Estate AG EYEMAXX Real Estate AG is a real estate company with a long-standing successful track record, focussing on residential properties in Germany and Austria. In addition, EYEMAXX also realizes nursing homes in Germany and commercial properties in central Europe. In the company's recent past its corporate strategy has also included developing urban districts in Germany.
EYEMAXX' business activities take a dual-pronged approach. These include high-margin projects and and also the continued expansion of its stocks of let commercial properties, which generate ongoing rental income and thus constant cash flows. In so doing, EYEMAXX uses the expertise offered by its experienced management team together with a strong team of real estate professionals, and also a well-established and broad network which opens up additional access to attractive properties and projects. The current project pipeline has thus been expanded to about EUR 760 million.
Shares of EYEMAXX Real Estate AG are listed in the General Standard of the Frankfurt Stock Exchange. The company has also issued several bonds, which are also listed on the stock exchange.
You can find more information at www.eyemaxx.com
Investor Relations/Financial Press Peggy Kropmanns, Axel Mühlhaus edicto GmbH email@example.com Telephone: +49 69 90550556
10.04.2018 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.The issuer is solely responsible for the content of this announcement.The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.deLanguage: English Company: EYEMAXX Real Estate AG Auhofstraße 25 63741 Aschaffenburg
Germany Phone: +43. 2235. 81 071 -0 Fax: +43. 2235. 81 071 715 E-mail: firstname.lastname@example.org Internet: www.eyemaxx.com ISIN: DE000A0V9L94, DE000A1TM2T3, DE000A12T374 , WKN: A0V9L9, A1TM2T, A12T37 Listed: Regulated Market in Frankfurt (General Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Stuttgart, Tradegate Exchange End of News DGAP News Service