DGAP-News: ADO Properties S.A.
/ Key word(s): Real Estate/Disposal
ADO Properties S.A.: Completion of Sale of Real Estate Portfolio
Berlin, 29 November 2019. ADO Properties S.A (the "Company") has today announced the completion of its sale of 100% of the shares of certain subsidiaries owning 23 properties consisting in aggregate of approximately 5,900 residential apartment units to Gewobag Wohnungsbau-Aktiengesellschaft Berlin ("Gewobag"). In this context the Company received the anticipated proceeds. As previously announced, the assets are located in the Spandau and Reinickendorf districts in the West and the North of Berlin.
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.
Ran Laufer, Chief Executive Officer of the Company, said: "The closing of the transaction went smoothly, and it was a pleasure to work with a professional partner such as Gewobag. This is a great transaction for both of us, and ADO is looking forward to continuing its value creation strategy, which includes acquiring properties where we believe it can create value."
ADO Properties is a company that focuses on the residential real estate sector and owns a property portfolio of around 18,000 units in Berlin (after the disposal as mentioned above). The company operates an entirely integrated, scalable in-house platform that includes a dedicated property administration. The portfolio of ADO Properties is concentrated in central locations inside Berlin's S-Bahn-Circle and in attractive districts on the city's periphery.
Eyal Merdler, CFO
29.11.2019 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:||924857|
|End of News||DGAP News Service|