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MAGNAT acquires the assets of the co-investor R-QUADRAT Capital Beta GmbH

01-31-2012 02:32 AM CET | Industry, Real Estate & Construction

Press release from: MAGNAT Real Estate AG

MAGNAT Real Estate AG („MAGNAT“, ISIN DE000A0XFSF0) is announcing that it has entered into an agreement to acquire all assets of its co-investor R-QUADRAT Capital Beta GmbH („RQCB"). The agreement primarily covers the minority interest that RQCB has held in some of MAGNAT’s projects. In 2011, as reported earlier, an insolvency proceeding against the assets of RQCB was initiated according to Austrian Insolvency Code. Today’s agreement was reached between MAGNAT and the liquidator of RQCB.

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
Investor Relations
Lyoner Straße 32
D-60528 Frankfurt am Main
Phone: +49 (0) 69-719 189 79 0
Telefax: +49 (0) 69-719 189 79 11
Email: ir@magnat.ag
Web: www.magnat.ag

Press Relations
edicto GmbH
Axel Mühlhaus / Werner Rüppel
Phone: +49 (0) 69-905 50 55 2
Email: amuehlhaus@edicto.de

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