FranconoWest AG (securities no. A0KFRM) has sold its first portfolio of real estate properties to Grainger, a quoted British residential property company. The portfolio comprises 9 multi-family houses at several locations in the federal state of North Rhine-Westphalia (including Cologne, Bergheim and Düsseldorf) and the purchase price is around EUR 9 million.
The sale results in a gain for FranconoWest AG calculated in accordance with both IFRS and German GAAP and strengthens the company’s financial position for the acquisition of further properties. Further, it means that FranconoWest has already realised a significant proportion of the proceeds from the sale of real estate budgeted for 2008.
Information and Explaination of the Issuer to this News:
Guido Dollhausen of the Management Board of FranconoWest AG comments as follows: 'The sale of this portfolio highlights our competence in the sale of properties. The price obtained underscores the value of our real estate holdings and the fair values stated. We are now effectively implementing the portfolio optimisation plans announced at the time of the IPO and intend to make further portfolio sales in the coming months.'
The sale results in a gain for FranconoWest AG calculated in accordance with both IFRS and German GAAP and strengthens the company’s financial position for the acquisition of further properties. Further, it means that FranconoWest has already realised a significant proportion of the proceeds from the sale of real estate budgeted for 2008.
Information and Explaination of the Issuer to this News:
Guido Dollhausen of the Management Board of FranconoWest AG comments as follows: 'The sale of this portfolio highlights our competence in the sale of properties. The price obtained underscores the value of our real estate holdings and the fair values stated. We are now effectively implementing the portfolio optimisation plans announced at the time of the IPO and intend to make further portfolio sales in the coming months.'
