German company Estavis has sold two large real estate portfolios for a total price of EUR 61mln to a Swiss institutional asset management firm and a newly founded UK private fund. The sales will be included in the turnover and net income of the 2008/2009 financial year beginning on July 1. For this reason, the board of Estavis expects that turnover and net income of the year ending June 30, 2008 will undercut last year's figures.
German company Estavis has sold two large real estate portfolios for a total price of EUR 61mln to a Swiss institutional asset management firm and a newly founded UK private fund. The sales will be included in the turnover and net income of the 2008/2009 financial year beginning on July 1. For this reason, the board of Estavis expects that turnover and net income of the year ending June 30, 2008 will undercut last year's figures.
The portfolios generated proceeds of EUR 44mln and EUR 17mln respectively. The larger of the two portfolios comprises a total of 423 assets, including 111 commercial units, with a total floor space of 54,158 m2. The sales price per m2 amounted to EUR 818. The portfolio is focused on the regions Berlin, Halle, Stralsund and Wilhelmshaven. The second portfolio, with an area of 21,228 m2, includes a total of 326 units, including 14 commercial properties located in the regions Berlin, Chemnitz und Hanover.
