Arcandor AG

  • WKN: 627500
  • ISIN: DE0006275001
  • Land: Germany

Nachricht vom 27.03.2006 | 08:55

KarstadtQuelle AG: Department Store Real Estate Portfolio sold

Ad hoc announcement transmitted by DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.

--- Ad hoc release under Section 15 Securities Trading Law KarstadtQuelle AG: Department Store Real Estate Portfolio sold Essen, March 27, 2006. KarstadtQuelle AG sold its department store real estate portfolio to a joint company of Whitehall (51% of capital), a property fund owned by US investment bank Goldman Sachs, and KarstadtQuelle AG (49% of capital), effective March 27, 2006. The transaction is valued at Euro 4.5bn. KarstadtQuelle AG, together with its pension fund, will receive an immediate cash payment of Euro 3.7bn. The company expects an additional Euro 0.8bn from the participation in the potential appreciation of these real estate assets. Independent from this transaction, an additional Euro 0.6bn are expected to be realized over the coming months through the commercialisation of further properties, such as office buildings, land and others. With this, the KarstadtQuelle Group management has successfully accomplished the optimization of its real estate assets much earlier than planned. An assessment of the various options – that was implemented swiftly and supported by investment bank Rothschild – came to the conclusion that the now chosen option provides an ideal structure and helps to increase the total value of the Karstadt Quelle real estate portfolio to approximately Euro 5.1bn. The management of KarstadtQuelle believes that its department store real estate property has a high value appreciation potential. In light of this, the management decided to chose a strategic option that, on the one hand, provides the inflow of cash through a sale and allows the complete redemption of group financial liabilities and, on the other hand, safeguards the further participation in the value appreciation of these real estate assets. As group financial liabilities will be completely eliminated, the company achieves new flexibility for development and growth, based on a substantially less capital-intensive business model. In addition to this, the group achieves a significantly higher equity ratio. KarstadtQuelle will also achieve a high extraordinary income in its financial year 2006 and will benefit from a sustainable and significant improvement of its group earnings. The transaction is subject to approval of KarstadtQuelle AG’s supervisory board. Essen, March 27, 2006 The Management Board (c)DGAP 27.03.2006
language: English emitter: KARSTADT QUELLE AG Theodor-Althoff-Straße 2 45133 Essen Deutschland phone: +49 (0)201 727-9816 fax: +49 (0)201 727-9854 email: investors@karstadtquelle.com WWW: www.karstadtquelle.com ISIN: DE0006275001 WKN: 627500 indexes: MDAX stockmarkets: Amtlicher Markt in Berlin-Bremen, Frankfurt (Prime Standard), Hannover, Düsseldorf, Hamburg, München, Stuttgart End of News DGAP News-Service

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