Colonia Real Estate AG
Colonia Real Estate AG: UBS (Lux) Euro Value Added Real Estate Fund acquires landmark office building in Germany with partners Colonia Real Estate and Redos Real Estate.
Corporate News transmitted by DGAP – a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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UBS (Lux) Euro Value Added Real Estate Fund acquires landmark office
building in Germany with partners Colonia Real Estate and Redos Real
Estate.
London/Cologne 27 November 2006 – UBS Global Asset Management announced
today that the UBS (Lux) Euro Value Added Real Estate Fund (‘The Fund’)
together with Colonia Real Estate AG (CRE) and Redos Real Estate GmbH, has
bought a property in Cologne known as the Dischhaus for a purchase price of
EUR 18.3 million from the City of Cologne.
Situated in the heart of Cologne, and built in the late 1920s, the property
is to undergo a complete refurbishment and will provide a gross lettable
area of 11,365 sq m, incorporating 7,715 sq m of office accommodation and
in excess of 3,000 sq m of retail on the ground and lower ground floors and
with parking for 12 cars. CRE’s subsidiary, Resolution GmbH, advised on the
purchase of the property and will help manage the refurbishment and
re-letting.
Commenting on the deal, Simon Foxley, Manager of the UBS (Lux) Euro Value
Added Fund said, ‘We have acquired a high profile landmark building which,
once refurbished, will offer flexible and modern space which should be
attractive to potential office and retail tenants.’
Simon added, ‘We will continue to seek eurozone office properties that are
in line with a value added strategy and offer opportunity for improvement
through active management.’
‘This transaction confirms our strategic approach and the strong potential
synergies of our business model. As an integrated real estate investor, we
will benefit over the long term from being both a co-investor and the asset
manager,’ said Stephen Rind, CEO of Colonia Real Estate AG.
The UBS (Lux) Euro Value Added Real Estate Fund is an institutional
closed-ended Luxembourg-based FCP. The objective of the Fund is to generate
returns of 12-14% IRR, net of fees and expenses, by investing in offices in
the eurozone markets. The Fund had its final close in August 2006. The Fund
has buying power of EUR 750 million.
About Colonia Real Estate AG
Colonia Real Estate AG is a listed real estate investment and management
group focusing on the German market. Its integrated business model consists
of three synergistic cornerstones: The Investment Division concentrates on
high-yield residential property portfolios held for the company’s account
and opportunistic co-investments in commercial real estate together with
prominent partners. Resolution GmbH specialises in asset management for the
Group as well as for complex domestic real estate portfolios held by
international investors, whom it also advises on transactions. The focus is
on yield optimisation and realising appreciation potential. CRE Fonds
Management GmbH’s core business is the conception, the marketing and the
management of structured investment products such as closed-end real estate
funds for institutional investors and private clients.
About UBS
UBS is one of the world’s leading financial firms, serving a discerning
global client base. As an organization, it combines financial strength with
an international culture that embraces change. As an integrated firm, UBS
creates added value for clients by drawing on the combined resources and
expertise of all its businesses.
UBS is the world’s largest wealth manager, a top tier investment banking
and securities firm, and one of the largest global asset managers. In
Switzerland, UBS is the market leader in retail and commercial banking.
UBS is present in all major financial centers worldwide. It has offices in
50 countries, with about 39% of its employees working in the Americas, 36%
in Switzerland, 16% in the rest of Europe and 9% in Asia Pacific. UBS’s
financial businesses employ around 75,000 people around the world. Its
shares are listed on the SWX Swiss Stock Exchange, the New York Stock
Exchange (NYSE) and the Tokyo Stock Exchange (TSE).
UBS Global Asset Management is one of the world’s leading asset managers,
providing traditional and alternative investment management solutions to
private clients, financial intermediaries and institutional investors
worldwide. Invested assets totalled some CHF 823 billion at 30 September
2006, making the firm one of the largest global institutional asset
managers, a leading fund house in Europe and the largest mutual fund
manager in Switzerland.
With over 3,250 employees, located in 21 countries, UBS Global Asset
Management is a truly global firm. The main offices are in Chicago,
Frankfurt, Hong Kong, London, New York, Sydney, Tokyo and Zurich.
UBS Global Asset Management’s Real Estate business invests in properties in
the US, UK, Continental Europe and Japan and in publicly traded real estate
securities worldwide.
www.ubs.com
About Redos Real Estate GmbH
Redos Real Estate GmbH is a co-investor and strategic partner of
international financiers that invest in property portfolios and projects
all over Germany. The focus of Redos Real Estate GmbH is in commercial real
estate with potential for added value through asset management and
developments.
Contact:
Christoph D. Kauter
Head of Investor Relations
Colonia Real Estate AG
Zeppelinstr. 4-8
50667 Köln
Telefon: +49 (0)221 71 60 71 0
Fax: +49 (0) 221 71 60 71 99
E-Mail: ir@cre.ag
Sylvia Faber
Citigate Dewe Rogerson GmbH
Goethestraße 26-28
60313 Frankfurt am Main
Tel: 0049-69 90 500 – 100
Fax: 0049-69 90 500 – 101
E-Mail: sylvia.faber@citigatedr.de
(c)DGAP 27.11.2006
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Language: English
Issuer: Colonia Real Estate AG
Zeppelinstr. 4 – 8
50667 Köln Deutschland
Phone: 0221-716071-0
Fax: 0221-716071-99
E-mail: info@cre.ag
WWW: www.cre.ag
ISIN: DE0006338007
WKN: 633800
Indices: SDAX, GPR 250, FTSE EPRA/ NAREIT, E&G DIMAX
Listed: Amtlicher Markt in Berlin-Bremen, Frankfurt (Prime Standard),
Düsseldorf; Freiverkehr in Hamburg, München, Stuttgart
End of News DGAP News-Service
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