DGAP-News: ADO Properties S.A.
/ Key word(s): Real Estate/Disposal
ADO Properties S.A.: Agreement Entered for Sale of a Real Estate Portfolio
As of the Company's last reported June 30, 2019 financial statements, the loan to value ratio of the Company as a result of the sale is expected to decrease from 38% to approximately 21% and the EPRA Net Asset Value as a result of the sale is expected to increase to EUR 62.60 per share. ADO Properties S.A. is considering various opportunities with respect to the proceeds from the sale, including repaying existing indebtedness, acquiring additional real estate portfolios, and for general corporate purposes.
The Share Purchase Agreement is subject to a number of customary conditions, including merger control approvals.
Ran Laufer, Chief Executive Officer of the Company, said: "We are delighted to have been able to reach this agreement with Gewobag. The sale of this portfolio is consistent with the Company's value creation strategy that involves not only acquiring properties and portfolios where it believes it can create value, but also selectively selling properties where the opportunity to do so are on terms favorable to the Company".
Definitions of our alternative performance measures like loan to value ratio and EPRA NAV are available in our latest financial report under
http://ado.properties/websites/ado/English/4000/publications.html in the Financial Performance Indicators section.
About ADO Properties
Nicole Müller, Legal Counsel
26.09.2019 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
|Company:||ADO Properties S.A.|
|Phone:||+352 278 456 710|
|Fax:||+352 203 015 00|
|Indices:||SDAX, FTSE EPRA/NAREIT Global Index, FTSE EPRA/NAREIT Developed Europe Index, FTSE EPRA/NAREIT Germany Index|
|Listed:||Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange; London, Luxembourg Stock Exchange, SIX|
|EQS News ID:||881203|
|End of News||DGAP News Service|