Gateway Real Estate AG / Key word(s): Acquisition/Real Estate
Gateway Real Estate AG acquires two large residential development sites in Cologne and Dresden
Frankfurt am Main, February 17, 2021. Gateway Real Estate AG (WKN A0JJTG / ISIN DE000A0JJTG7) ("Gateway") acquires two residential development sites with a total of around 540,000 sqm of floor space in Cologne and Dresden. To this end, the company has reached an agreement with SN Beteiligungen Holding AG ("SNBH") on the acquisition of all shares in Borussia Invest GmbH by Gateway. The notarization of the share purchase agreement, which has just been approved by the Supervisory Board of Gateway, will take place in the course of today.
Borussia Invest GmbH holds 89.9% of the shares in each of the above projects. The total volume of the transaction amounts to approximately EUR 289 million including loans assumed by and proportionately attributable to Gateway in the course of the acquisition. The purchase price due after closing is in the upper two-digit million euro range.
According to the assessment of the management board of Gateway, the conditions of the acquisition are in line with the market on the basis of comparative prices for properties of a similar type, size, condition, development potential and location.
SNBH is a related party to Gateway according to section 111a German Stock Corporartion Act (Aktiengesetz; AktG), as the company is controlled by Norbert Ketterer, the current major shareholder (last voting rights notification as of 07th May 2020: 66.24%) and chairman of the supervisory board of Gateway. In addition, Jan Hendrik Hedding, an additional supervisory board member of Gateway, holds the office of director at SNBH. Against this background, Norbert Ketterer and Jan Hendrik Hedding did not participate in today's resolution of Gateway's Supervisory Board.
17-Feb-2021 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Gateway Real Estate AG
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