DGAP-News: WESTGRUND Aktiengesellschaft / Schlagwort(e): Fusionen & Übernahmen/Immobilien

01.10.2014 / 14:40

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* More than 50% of "berlinovo" portfolio integrated as of 30th September 2014
* Smooth transfer process 
* "Pro forma" NAV increased to EUR 4.15 per share after acquisition and capital increase (as of 30th June 2014)
* Expansion of Westgrund team completed
* Mid-term growth target of 30,000-40,000 residential units confirmed
Berlin, 1st October 2014 - Following the "berlinovo" portfolio acquisition and the successful capital increase Westgrund AG announces the increase of NAV to EUR 4.15 per share (undiluted). This is a "pro-forma" NAV based on the 30th of June 2014, i.e. under consideration of the total new acquired assets and including transaction, financing and acquisition cost. Fully diluted by conversion of the convertible bond 2014-2016 the NAV per share is EUR 4.06. Consequently Westgrund shares are trading on a discount to NAV of more than 10% (based on closing prices as of 30th September 2014).
As of 30th of September the acquisition of 6,800 residential units with annualized revenues of EUR 21 million out of the "berlinovo" portfolio has been completed. For the remainder of this portfolio the completion is expected to take place during the next couple of months, depending on the fulfillment of the conditions precedents required.
Furthermore the Company is pleased to announce the successful extension of the Westgrund team. The majority of new employees took up its post today. New team members will mainly operate in the asset management and reporting /financial area. Arndt Krienen, CEO of Westgrund AG, says of these appointments, "We recruited staff members with strong industry expertise and a broad network. This will enable us to manage our assets more intensively and add more value to Westgrund AG. At the same time our expanded team provides us with a solid basis for further growth."
In addition to that, Westgrund AG welcomes Mrs. Andrea Frese in the newly created position of Head of Capital Markets. She worked previously for Bank of America Merrill Lynch in the Corporate Broking and Equity Capital Markets team. Andrea Frese will closely work with management and will focus on the capital market communication as well as public relations work. Sascha Giest, CFO of Westgrund AG says, "Following the successful capital increase and the significant increase in free float market capitalization from below 20% to above 50%, we are even more in the focus of institutional investors. We are very pleased with this development and will intensify our capital markets communication accordingly."

Westgrund AG is already in negotiations on further portfolio acquisitions of different sizes. In the mid-term the Company targets a portfolio size of 30,000 to 40,000 residential units.


About WESTGRUND AG:
WESTGRUND AG is a real estate company based in Berlin. With a clear focus on housing, the company buys, manages, and develops residential portfolios with appreciation potential in various regions in Germany that are marked by auspicious and sound micro-environments. The company takes an active asset management approach to raise the value-add in sustainable ways. The company's assets are concentrated in the Berlin metro area, Lower Saxony and the region of Dresden, Halle, Leipzig.

Contact:
WESTGRUND AG
Management Board: Arndt Krienen, Sascha Giest
E-mail: vorstand@westgrund.de
Westgrund AG
Joachimsthaler Strasse 34
10719 Berlin
Germany
Phone:+49 30 6396192 0
Fax: +49 30 6396192 28



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01.10.2014 Veröffentlichung einer Corporate News/Finanznachricht, übermittelt durch DGAP - ein Service der EQS Group AG. Für den Inhalt der Mitteilung ist der Emittent / Herausgeber verantwortlich.

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Sprache: Deutsch Unternehmen: WESTGRUND Aktiengesellschaft Joachimstaler Strasse 34 10719 Berlin Deutschland Telefon: +49 30 639 619 20 Fax: +49 30 639 619 228 E-Mail: krienen@westgrund.de Internet: www.westgrund.de ISIN: DE000A0HN4T3 WKN: A0HN4T Börsen: Regulierter Markt in Düsseldorf, Frankfurt (Prime Standard); Freiverkehr in Berlin, Hamburg, Stuttgart  
 
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