DGAP-News: GIEAG Immobilien AG / Key word(s): Real Estate GIEAG Immobilien AG: GIEAG continues expansion by acquiring three residential portfolios in Rhineland-Palatinate 14.03.2017 / 12:12 The issuer is solely responsible for the content of this announcement. --------------------------------------------------------------------------- GIEAG continues expansion by acquiring three residential portfolios in Rhineland-Palatinate - Purchase of a total of 318 residential units - Good building structure and infrastructure facilitate active portfolio work - Extensive maintenance to reposition residential portfolios - René Reif and Werner, Luger & Partner as advisors Munich, 14 March 2017. GIEAG Immobilien AG (GIEAG) today announced that is has further expanded its property holdings by signing agreements to acquire three residential portfolios with a total of 318 units at three sites. The 118 apartments and 200 single-family homes are located in the Trier, Bitburg and Idar-Oberstein catchment area and have a combined living space of approximately 34,000 square metres and a total site area of around 103,000 square metres. The purchase price was around EUR 17 million. All of the properties were built as a solid construction in the late 1980s and are structurally sound. GIEAG believes that the combination of available infrastructure and close proximity to large American military sites creates strong prospects for working actively with the property portfolio. This work will primarily consist of comprehensive maintenance and renovation measures coupled with the repositioning of the three portfolios on the property market. GIEAG will contribute its extensive property project development expertise to these efforts. While the letting situation is already satisfactory at two of the three sites, the third location is in clear need of maintenance and thus has letting potential that should be enhanced over the next few years. A consortium of savings banks from Baden-Württemberg and Rhineland-Palatinate providing the external funds required for both the acquisition and implementation of the planned measures. GIEAG will manage the properties directly. This portfolio acquisition increases the size of the Group's total residential property portfolio to more than 1,000 units and enables the Company to continue pursuing a business model based on a combination of property development and portfolio management. Philipp Pferschy, member of the GIEAG Immobilien AG Management Board, comments: "This newly acquired residential portfolio is interesting to us primarily due to the extensive possibilities it offers for actively developing the portfolio in a way that adds value. We have been extremely successful with similar projects in the past, including the site near a former air base at Leipheim, where we also achieved full occupancy by modernising and optimising the portfolio." GIEAG was advised by René Reif Consulting GmbH as finacial advisor and Werner, Luger & Partner Rechtsanwälte as legal counsel. About GIEAG Immobilien AG (GIEAG) The project development company GIEAG Immobilien AG or GIEAG for short (www.gieag.de), founded in 1999, supports its customers from the idea through the financing and realisation to the sale of the finished property. Its focus is on the development of valuable office buildings, logistics centres and residential properties. In addition, the group of companies acts as an investor in residential properties with a particularly high development potential, located primarily in southern Germany. Contact GIEAG Immobilien AG Investor Relations, Philipp Pferschy Oettingenstrasse 35 80538 Munich [email protected] Phone: +49 (0) 89 290516-0 edicto GmbH Axel Mühlhaus, Peggy Kropmanns [email protected] Phone: +49 (0) 69 905505-52 --------------------------------------------------------------------------- 14.03.2017 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 --------------------------------------------------------------------------- Language: English Company: GIEAG Immobilien AG Oettingenstrasse 35 80538 München Germany Phone: +49 89 290516-0 Fax: +49 89 290516-11 E-mail: [email protected] Internet: www.gieag.de ISIN: DE0005492276 WKN: 549227 Listed: Regulated Unofficial Market in Munich End of News DGAP News Service --------------------------------------------------------------------------- 553917 14.03.2017