Press release
MAGNAT concludes Schwarzenberg project
Frankfurt am Main, December 14, 2011 – MAGNAT Real Estate AG („MAGNAT“, ISIN DE000A0XFSF0) announces the conclusion of the legal dispute concerning the Schwarzenberg project. MAGNAT has received a settlement payment of EUR 2.65 million as of today. The settlement that has been achieved will result in a positive earnings contribution of EUR 2.65 million in the third quarter (as of December 31, 2011) of the current 2011/2012 fiscal year.Background: MAGNAT originally held an 18.8 percent interest in the operating company of the Hotel Palais Schwarzenberg project. MAGNAT exercised a related option to exit from this interest in the 2010/2011 fiscal year. An amount that was due to MAGNAT from its former partner JJW Ltd. as part of this exit was not paid by JJW Ltd., however. For this reason – and in light of the discussion concerning the solvency of JJW Ltd. that had emerged within the public domain – the related "at equity" valuation was fully written down in the 2010/2011 fiscal year financial statements by way of commercial prudence. At the same time, MAGNAT had launched legal steps against JJW Ltd. in order to collect its receivable. With the settlement payment that has now been rendered, the legal dispute between JJW Ltd. in the MAGNAT Group has been settled.
MAGNAT Real Estate AG is the first publicly traded real estate company in Frankfurt that focuses on real estate development in Austria and selected countries within the emerging economies of the Black Sea region.
MAGNAT is an integrated real estate group, addressing the entire value chain and covering the acquisition, development, and disposal of projects and construction land. The Group also offers real estate asset management.
MAGNAT Real Estate AG
Investor Relations
Lyoner Straße 32
D-60528 Frankfurt am Main
Phone: +49 (0) 69-719 189 79 0
Fax: +49 (0) 69-719 189 79 11
Email: ir@magnat.ag
Web: www.magnat.ag
Press Relations
edicto GmbH
Axel Mühlhaus / Werner Rüppel
Eschersheimer Landstraße 42
60322 Frankfurt
Phone: +49 (0) 69-905 50 55 2
Email: amuehlhaus@edicto.de
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