Züblin rotates independent appraisers, sells properties in Germany

Züblin Immobilien Holding announced that its board has approved the rotation of the group's independent property appraisers.

The company had used the same independent property appraisers, Jones Lang LaSalle and CB Richard Ellis, since it started its real estate activities in 1998. In line with industry best practices, the board took the decision to rotate its appraisers.

As of end-September 2009, Züblin has engaged Wüest & Partner AG, Zurich, as its lead independent appraiser. Wüest & Partner will directly perform the valuations in Switzerland and Germany, and will coordinate the valuation activities in France, the Netherlands and Belgium. In France, BNP Paribas Real Estate (formerly Atisreal) will perform the valuations, with Troostwijk responsible for the Netherlands and Belgium.

The Company also announced today the disposal of its 89% vacant, 10,094 m² office building on Eisenstrasse in Rüsselsheim, as well as its fully-let 1,090 m² retail property on Massener Strasse 61 in Unna. The combined annual rental income of the two properties is EUR 157,000. The sales are consistent with the Company’s strategy to concentrate its investment holdings on energy efficient office properties in a few selected cities in Switzerland, France and Germany. The combined sales price was EUR 2.9 mln, slightly below the total IFRS values as of 31 March 2009.

NAI apollo advsied Zublin on the sale.