MAGNAT acquires the assets of the co-investor R-QUADRAT Capital Beta GmbH
In addition, the agreement covers the termination of all mutual receivables and liabilities. This would terminate all business relationships between MAGNAT and RQCB. The agreement is among others subject to approval and must be in legal accordance with the restructuring plan filed with the court by RQCB.
The sum of EUR 8 million was agreed and is comprised of the purchase price and compensation for all mutual receivables. The closing of the transaction is expected by the end of February 2012.
MAGNAT Real Estate AG is the first publicly traded real estate company in Frankfurt to focus on real estate development in Eastern Europe. MAGNAT ist an integrated real estate group and covers the entire value chain - from acquisition across development through to the sale of projects and land. In addition, the Group provides real estate management services for third parties.MAGNAT investors participate in development returns in Eastern Europe.
The strategy of MAGNAT is aimed at taking advantage of opportunistic inefficiencies in property markets. Unlike the traditional "Buy & Hold approach, MAGNAT takes a "Develop & Sell" or "Buy & Sell" approach, which focuses on property development.
The management focuses on property markets which demonstrate interesting development cycles: undervalued markets ("anti-cyclical investing") and markets with high macroeconomic growth ("growth markets").
In terms of development, the core markets of MAGNAT are Ukraine, Turkey, Georgia and Romania. In addition, asset management services will be provided to third parties in those countries as well as in Germany and Austria.
MAGNAT Real Estate AG
Lyoner Straße 32
D-60528 Frankfurt am Main
Phone: +49 (0) 69-719 189 79 0
Telefax: +49 (0) 69-719 189 79 11
Axel Mühlhaus / Werner Rüppel
Phone: +49 (0) 69-905 50 55 2
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