GAGFAH S.A. makes EUR 75 million buy-back tender offer to shareholders to purchase their shares

GAGFAH S.A.  / Key word(s): Share Buyback

05.09.2011 19:52

Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted
by DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.

---------------------------------------------------------------------------

GAGFAH S.A.
2-4, rue Beck
L-1222 Luxemburg

ISIN: LU0269583422
Frankfurt Stock Exchange, Official Market (Prime Standard)

GAGFAH S.A.: AD-HOC-NOTIFICATION PURSUANT TO SECTION 15 OF THE SECURITIES
TRADING ACT

GAGFAH S.A. makes EUR 75 million buy-back tender offer to shareholders to
purchase their shares

Luxembourg, September 5, 2011. Today, the Board of Directors of GAGFAH S.A.
resolved to make a cash tender offer for shares in the company with a
maximum aggregate purchase price of EUR 75 million. The offer will be made
in the form of a modified Dutch auction tender offer with an offer price
range between EUR 3.50 and EUR 5.00 per share. The offer price, which will
be the same for all shares, will be calculated on the basis of the total
number of tendered shares and the prices within the offer price range
specified by the shareholders and will correspond to the lowest price which
allows GAGFAH S.A. to purchase shares of up to EUR 75 million in value.

Save for any extensions, the acceptance period starts on September 6, 2011
and ends on October 4, 2011. GAGFAH S.A. reserves certain rights to amend
the offer, e.g. to increase the volume of the offer or the minimum offer
price of initially EUR 3.50 and/or the maximum offer price of initially EUR
5.00. Fortress named funds advised by Fortress Investment Group LLC which
are shareholders of GAGFAH S.A. have undertaken not to accept the offer for
shares held by them.

The tender offer is subject to certain terms and conditions which are
described in the offer document. The offer document is expected to be
published later today at www.gagfah.com under the section 'Share Buy-Back
Offer'.

About GAGFAH S.A.

GAGFAH S.A. is a joint stock corporation organized under the laws of the
Grand Duchy of Luxembourg qualifying as a securitization company under the
Luxembourg Securitization Law of March 22, 2004. The core business of
GAGFAH S.A.'s operating subsidiaries is the ownership and management of a
geographically diversified and well maintained residential property
portfolio located throughout Germany. With a portfolio of approximately
155,000 apartments, GAGFAH is the largest residential property company
listed in Germany.

Contact:

Rene Hoffmann
GAGFAH S.A.
2-4, Rue Beck
L-1222 Luxemburg
Grand Duchy of Luxemburg
Tel: +352 266 366 21
rhoffmann@gagfah.com


05.09.2011 DGAP's Distribution Services include Regulatory Announcements, 
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de

---------------------------------------------------------------------------
 
Language:     English
Company:      GAGFAH S.A.
              2-4, rue Beck
              1222 Luxemburg
              Grand Duchy of Luxembourg
Phone:        + 352 266 366 1
Fax:          + 352 266 366 01
E-mail:       info@gagfah.com
Internet:     www.gagfah.com
ISIN:         LU0269583422, LU0269583422
WKN:          A0LBDT
Indices:      MDAX
Listed:       Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
              in Berlin, Düsseldorf, Hamburg, München, Stuttgart
 
End of Announcement                             DGAP News-Service
 
---------------------------------------------------------------------------