Colonia Real Estate AG / Miscellaneous
22.10.2007
Release of a Corporate News, transmitted by DGAP - a company of EquityStory AG.
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CRE Colonia Real Estate AG confirms positive outlook for 2007
No further director dealings of the CEO and CFO planned
Cologne, 22 October 2007 - The orderly director dealings of the members of
the board of CRE Colonia Real Estate AG (ISIN DE0006338007; WKN 633 800),
Stephan Rind, CEO, and Klaus Reichert, CFO, are completed with the sale on
9 October 2007. The disposal of parts of their shares which have been part
of the 2005 employee stock option program and were converted into shares of
CRE Colonia Real Estate AG four weeks ago took solely place to settle the
income tax which occurs under German tax law after the conversion of the
options into shares. Further disposals are not planed.
'The realised sale in the volume of around EUR 1.3mn equals less then half
of the 120.000 converted shares from September 2007 and is exclusively done
to pay the income tax due in Ocotber this year in the amount EUR 1.4mn.
Further disposals are not planned. The current market environment is
offering attractive opportunities for strong growth in the investment and
Asset Management core businesses of CRE Colonia Real Estate AG. I will make
use of this possibility, as well beyond my current CEO contract which is in
place until 2009', states Stephan Rind, CEO of CRE Colonia Real Estate AG.
Furthermore, the board confirms the net earnings forecast of at least EUR
62 to 65mn in 2007 and sees particularly in the coming 6 to 9 month
attractive investing chances. ' Whereas transactions of competitors in both
the commercial and residential real estate sector could not be closed due
to pulled refinancings caused by the US subprime crises, CRE sees further
acquisition possibilities', says Rind. We are currently in final talks
about new residential portfolios in the amount of up to EUR 300mn. The
required equity as well as the refinancing are already in place. The
refinancing conditions increased slightly which is however compensated
through more attractive acquisition prices' confirmes Rind.
Current chances in the market environment
The volume in the Asset Management could almost be doubled in 2007 to EUR
2.7bn as of today. 'We advised our clients on portfolios of a combined
volume of more the EUR 6bn in the first eight months in 2007. This shows
impressively our strong standing and market position in the German real
estate sector. Many of those portfolios were acquired with an LTV of 90%
and more for partially exaggerated prices by some of our competitors. We
followed our sustainable valuation and acquisition strategy to acquire
portfolios only if they are economically reasonable. The Asset Management
will grow in 2008 as scheduled by at least 50% to EUR 4.0bn assets under
management and will additionally to our growing rental income further
broaden the recurring cash flows in our company. This will make us more
independent from price movements in the real estate sector.'
'We are fully convinced that our long term strategy creates strong growing
and sustainable returns for our shareholders. This positive operational
perspective is not at all reflected in the current share price
development', says the CEO Stephan Rind.
Contact:
Christoph D. Kauter
Head of Corporate Finance and Investor Relations
Colonia Real Estate AG
Zeppelinstr. 4-8
50667 Köln
Telefon: +49 (0)221 71 60 71 0
Fax: +49 (0) 221 71 60 71 99
E-Mail: ir@cre.ag
Contact:
Christoph D. Kauter
Head of Corporate Finance and Investor Relations
Colonia Real Estate AG
Zeppelinstr. 4-8
50667 Köln
Telefon: +49 (0)221 71 60 71 0
Fax: +49 (0) 221 71 60 71 99
E-Mail: ir@cre.ag
22.10.2007 Financial News transmitted by DGAP
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Language: English
Issuer: Colonia Real Estate AG
Zeppelinstr. 4 - 8
50667 Köln
Deutschland
Phone: +49 221-716071-0
Fax: +49 221-716071-99
E-mail: info@cre.ag
Internet: www.cre.ag
ISIN: DE0006338007
WKN: 633800
Indices: SDAX, GPR 250, MSCI Germany Small Cap Index, FTSE EPRA/
NAREIT, E&G DIMAX
Listed: Amtlicher Markt in Berlin, Frankfurt (Prime Standard),
Düsseldorf; Freiverkehr in Hamburg, München, Stuttgart
End of News DGAP News-Service
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