ADO Properties S.A.

  • WKN: A14U78
  • ISIN: LU1250154413
  • Land: Luxemburg

Nachricht vom 18.12.2019 | 14:05

ADO Properties S.A.: ADO Properties notes statements from rating agencies

DGAP-News: ADO Properties S.A. / Key word(s): Miscellaneous
18.12.2019 / 14:05
The issuer is solely responsible for the content of this announcement.

ADO Properties notes statements from rating agencies


18 December 2019 - ADO Properties notes the press releases from Moody's and S&P, including Moody's recognition that the business and financial profiles being aligned with investment grade, and we intend to further communicate with the agencies to address their outstanding concerns in the coming weeks.

We thank both S&P and Moody's for their prompt response to our announcement.

ADO Properties continues to reiterate the benefits of the combination, which will create a German EUR 8.6 billion residential company, with likely MDAX inclusion, which will benefit from significant operational and financial synergies and a larger, more diversified business profile. It is management's intention to maintain financial discipline by adherence to the following principles:

Net loan to value less than 50%
Interest coverage ratio of at least 2.5x
Predominantly unsecured capital structure
Dividend policy of up to 50% of FFO I, with a proposed EUR 0.75 dividend per share over 2019
for all existing and new ADO shareholders

For ADO Properties, this is a highly synergistic business combination, which enables the company to diversify outside Berlin into core growth cities across Germany, whilst becoming value accretive from day one.

The combined entity will adopt best in class corporate governance with the creation of a Tier 1 Board comprising ten members, of which five will be fully independent, including the Chairman who will retain the casting vote.

The new, larger entity will also benefit from enhanced liquidity and post the combination no single shareholder will control the company and there will be a free float of at least 80%.

 

Contacts

Finsbury

+44 (0) 207 251 3801

Edward Simpkins

Jenny Davey

Gordon Simpson
 

Rueckerconsult

Peter Dietze-Felberg, Senior Consultant

Direct Line: +49 (0) 30 28 44 987 62

Switch Board: +49 (0) 30 28 44 987 3

Mobile: +49 (0) 151 27616562

Email: dietze@rueckerconsult.de

 



 


18.12.2019 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de



 

show this

GBC-Fokusbox

Anleihe der German Real Estate Capital S.A. stark überdurchschnittlich attraktiv

Die Anleihe der German Real Estate Capital S.A. weist aktuell eine Effektivverzinsung von ca. 14 % auf. Da es sich hier quasi um eine Immobilien-Anleihe handelt, ist das Anleiherisiko überschaubar. Insgesamt verfügt die German Real Estate-Gruppe über 6 Objekte, 24 Bestands- und 22 Handelsobjekte, womit eine Kombination aus stetigen Einnahmen und attraktiven Entwicklerrenditen erreicht wird. Wir stufen die Anleihe als stark überdurchschnittlich attraktiv ein.

News im Fokus

Daimler AG: Daimler erzielt Grundsatzeinigungen über die vergleichsweise Beilegung behördlicher und zivilrechtlicher Verfahren in den USA im Zusammenhang mit Diesel-Emissionen

13. August 2020, 18:22

Aktueller Webcast

windeln.de SE

H1/Q2 2020 Earnings Call

14. August 2020

Aktuelle Research-Studie

Media and Games Invest plc

Original-Research: Media and Games Invest plc (von First Berlin Equity Research GmbH): BUY

14. August 2020