AURELIUS sells hotel property in Munich
- The hotel in Munich’s Glockenbach quarter was purchased from Deutsche Annington in 2010 and has since been further developed
- Sale to Bavarian real estate investor Heisig & Heisig
- Significant profit contribution of an amount in the double-digit millions
- Participation dividend also planned for financial year 2015
Munich, August 19, 2015 – AURELIUS Group (ISIN DE000A0JK2A8) will sell a hotel property in Munich’s Glockenbach quarter to real estate developer Heisig & Heisig Projektentwicklungs GmbH. Closing of the transaction is planned for December 31, 2015.
AURELIUS had acquired the property in a special situation in January 2011 along with four other hotel properties in Munich (two), Hannover and Braunschweig, from Deutsche Annington. Having sold the small property in Braunschweig already in 2012, AURELIUS is now selling the biggest of these properties. AURELIUS will continue to own three other properties, which are operated as hotel properties by its subsidiary GHOTEL hotel & living.
The total proceeds on this transaction are considerably higher than the original acquisition cost and book value of the properties. Therefore, the transaction will produce a significant double-digit million profit contribution, which will be recognized as income in the fourth quarter of the current financial year. As customary, AURELIUS will disburse half the profit on this transaction to shareholders in the form of a participation dividend.
Considering the currently brisk level of selling and purchasing activity, AURELIUS anticipates further transactions in the remainder of 2015.