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GIEAG Immobilien AG, DE0005492276

GIEAG Immobilien AG, DE0005492276

01.04.2021 - 09:47:32

GIEAG Immobilien AG: GIEAG Immobilien AG reports sale of a residential property in Stuttgart - Sale of an existing property with 95 apartments

DGAP-News: GIEAG Immobilien AG

/ Key word(s): Real Estate/Disposal

GIEAG Immobilien AG: GIEAG Immobilien AG reports sale of a residential property in Stuttgart - Sale of an existing property with 95 apartments

01.04.2021 / 09:44

The issuer is solely responsible for the content of this announcement.

GIEAG Immobilien AG reports sale of a residential property in Stuttgart

- Sale of an existing property with 95 apartments

Stuttgart/Munich 01.04.2021 - The Munich-based, family-managed real estate corporation GIEAG Immobilien AG (GIEAG) has announced the sale of a residential property with 95 apartments in M?nchstrasse in the heart of Stuttgart.

The property is situated on a plot of land covering approx. 1,800 square metres, neighbouring directly on the new EUROPAVIERTEL district in Stuttgart, and was erected in 1995. After the purchase of the property, GIEAG conducted refurbishment measures in the interior, with some 30 units converted so they were fully equipped and furnished, and leased these to a global tenant. Following the strategic repositioning, the property has now been sold.

The sale to an institutional investor was implemented as an asset deal. The seller was accompanied in the transaction by E&G Real Estate GmbH, Stuttgart. Legal advice was provided by the law firm Werner, Luger & Partner, Munich; with tax advice furnished by Deloitte GmbH Wirtschaftspr?fungsgesellschaft, Munich. The buyer was advised by Norton Rose Fulbright LLP and CBRE GmbH.

Philipp Pferschy, a board member at GIEAG Immobilien AG: "The outstanding location in the immediate vicinity of the new EUROPAVIERTEL in Stuttgart and within just 10 minutes' walking distance of Stuttgart central station, were - alongside the potential offered by the property - the main reasons for the acquisition in 2017. As a result of the implemented measures, it was possible to lower the number of vacancies and increase the rental yield."

About GIEAG Immobilien AG: GIEAG is a family-run, Munich-based public limited real estate company. Shares in GIEAG Immobilien AG are traded on the Munich Stock Exchange. Combining three asset classes office, residential, and logistics - and two service areas - development and portfolio management - the company brings to market a range of uniquely stable investment opportunities. GIEAG's team of experts stands as a guarantor for innovative and forward-looking real estate investment concepts.

01.04.2021 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.de

Language: English Company: GIEAG Immobilien AG Oettingenstrasse 35 80538 M?nchen

Germany Phone: +49 89 290516-0 Fax: +49 89 290516-11 E-mail: info@gieag.de Internet: www.gieag.de ISIN: DE0005492276 WKN: 549227 Listed: Regulated Unofficial Market in Munich (m:access) EQS News ID: 1180432 ? End of News DGAP News Service

1180432??01.04.2021?

@ dgap.de