InCity Immobilien AG / Key word(s): Disposal
INCITY SELLS WERFTSTRASSE 3 IN BERLIN
Frankfurt am Main, 28 June 2021: InCity Immobilien AG ("InCity") has sold the company IC Objekt9 Berlin GmbH and thus the residential and commercial property with mainly residential units located at Werftstrasse 3 in Berlin as part of a share deal. The company's property portfolio now consists of seven properties.
InCity has sold a total of 100% of shares in IC Objekt9 Berlin GmbH, including the property located at Werftstrasse 3 in Berlin purchased with a notarial deed of sale on 5 February 2018. A significant book profit in the low to middle single-digit millions range was realised in this transaction. The implicit sale price of the property exceeds the market value of the property as of 31 December 2020 as determined by an external third party. The parties have agreed not to disclose the sale price of the company. The execution of the transaction and payment of the sale price are subject to various customary closing and maturity conditions. All shares are to be transferred by the end of September 2021.
With the sale of this property and the resulting profit, significant hidden reserves can be realised using the accounting method according to the German Commercial Code (HGB). The associated cash returns can be used to implement measures to maintain existing properties and further expand the high-quality property portfolio as well as for other business purposes.
In the course of this transaction, the Management Board of InCity amends the forecast provided as part of the 2020 annual report for the current fiscal year 2021 as follows: with the execution of the sale of the shares in IC Objekt9 Berlin GmbH, net income for the year 2021 between EUR 2.3 m and EUR 2.8 m is expected at single-entity annual financial statement level. At Group level, consolidated net income between EUR 0.1 m and EUR 0.6 m is now expected for the year.
The quality-based expansion of the property portfolio remains the focus of InCity Immobilien AG's activities. Nevertheless, the company will take advantage of opportunities for sale if this is in the best interest of InCity Immobilien AG and its shareholders.
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28-Jun-2021 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
InCity Immobilien AG
60325 Frankfurt am Main
IR: +49 (0)69 7191889 55 PR: +49 (0)69 7191889 66
+49 (0) 69 719 18 89 790
Regulated Unofficial Market in Berlin, Dusseldorf, Frankfurt (Basic Board), Hamburg, Stuttgart, Tradegate Exchange
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