01.12.2014 GAGFAH S.A.  LU0269583422

DGAP-News: GAGFAH S.A. and Deutsche Annington Immobilien SE agree on potential business combination

DGAP-News: GAGFAH S.A. / Key word(s): Merger GAGFAH S.A. and Deutsche Annington Immobilien SE agree on potential business combination 01.12.2014 / 07:12 --------------------------------------------------------------------- Press Release: December 1, 2014 GAGFAH S.A. 2-4, rue Beck L-1222 Luxembourg ISIN: LU0269583422 Frankfurt Stock Exchange (Ticker Symbol: GFJ) Regulated Market (Prime Standard) GAGFAH S.A. and Deutsche Annington Immobilien SE agree on potential business combination - Creation of the largest residential property company in Germany - Deutsche Annington Immobilien SE to offer 5 Deutsche Annington shares and EUR 122.52 in cash for 14 GAGFAH shares for all the outstanding shares of GAGFAH S.A., corresponding to EUR 18.00 per GAGFAH share based on Friday's closing prices - Rolf Buch will become CEO and Thomas Zinnöcker deputy CEO of combined company - Continuation of successful strategy of sustainable growth and total shareholder return - No impact on tenants of GAGFAH - Combined investment and modernization budget of approximately EUR 500 million in 2015 Luxembourg, December 1, 2014 - GAGFAH S.A. ("GAGFAH") and Deutsche Annington Immobilien SE ("Deutsche Annington") have today signed a business combination agreement to provide the basis for the creation of Germany's largest residential property company and one of the largest real estate companies in Europe. Pursuant to the agreement, Deutsche Annington has announced its intention to launch a public takeover offer for all the outstanding shares of GAGFAH. The consideration offered and paid by Deutsche Annington shall comprise 5 Deutsche Annington shares and EUR 122.52 in cash for 14 GAGFAH shares. Based on the XETRA closing price (Frankfurt Stock Exchange) of the Deutsche Annington shares as of November 28, 2014, the combined cash and exchange offer values each GAGFAH share with EUR 18.00, constituting a premium of 16.1% to the XETRA closing price (Frankfurt Stock Exchange) of the GAGFAH shares as of November 28, 2014. The offer will be subject to a minimum acceptance threshold of 50% of the outstanding GAGFAH shares (on a fully diluted basis) as well as other customary conditions. The management board of the combined company will consist of five members: the current members of the Deutsche Annington management board as well as Thomas Zinnöcker, currently CEO of GAGFAH and Gerald Klinck, currently CFO of GAGFAH. CEO of the combined company will be Rolf Buch, currently CEO of Deutsche Annington, deputy CEO will be Thomas Zinnöcker. The current GAGFAH Chairman of the Board Gerhard Zeiler as well as two other GAGFAH board members are expected to be appointed as members to the supervisory board of the combined group in addition to the current nine members on the Deutsche Annington Supervisory Board. Other terms of the business combination agreement include guarantees and protections for GAGFAH employees and stakeholders and a commitment to the continuation of the successful strategy of GAGFAH as well as the policies of social responsibility which are currently in place. There will be no impact on GAGFAH's tenants as a result of the planned business combination. Both GAGFAH and Deutsche Annington remain fully committed to their investment and modernization budgets for 2015 which will amount to approximately EUR 500 million on a combined basis. Subject to review of the final offer document, the Board of Directors of GAGFAH S.A. intends to support the offer and under the terms of the business combination agreement the members of the Board of Directors have committed to tender shares held by them. Thomas Zinnöcker, CEO of GAGFAH GROUP commented: "GAGFAH has accomplished significant improvements in its operating and financial performance over the past 18 months which have been reflected in considerable value appreciation for our shareholders. The combination with Deutsche Annington will now offer the combined entity an opportunity for accelerated growth and further value creation while safeguarding the interests of our tenants, employees and other stakeholders. I can assure our tenants that there will be no changes to their contractual relationships with GAGFAH and that the combined entity will continue to act as a socially responsible landlord." Rolf Buch, CEO of Deutsche Annington commented: "Getting the best of both worlds will be the outcome of this combination. We have agreed to conduct a fair process in the spirit of partnership. This combination is equally attractive for tenants and shareholders. We aim to create the leading company of European dimensions within the German housing market which will be more competitive and profitable, located in North-Rhine Westphalia." The combined Group will be Germany's largest residential landlord and one of the largest real estate companies in Europe with approximately 350,000 residential units and a combined portfolio value of approximately EUR 21 billion. GAGFAH's financial advisers are Bank of America Merrill Lynch and Deutsche Bank, its legal counsel is Freshfields Bruckhaus Deringer LLP and its communications adviser is FTI Consulting. Notice to investors and analysts: GAGFAH will host an investor and analyst call at 11.00am GMT/ 12.00pm CET today. Investors and analysts are cordially invited to participate in the live call. You can access the conference call by dialing US: 1 866 966 9439 UK: 0800 694 0257 Luxembourg: 8002 7512 Germany: 0800 101 4960 All other: +44 (0) 1452 555 566 ten minutes prior to the scheduled start of the call. Please refer to the conference ID 44678098 and "GAGFAH conference call." Contact GAGFAH S.A. Investor Relations Rene Hoffmann 2-4, rue Beck L-1222 Luxembourg Tel.: +352 266 366 21 [email protected] www.gagfah.com R.C.S. Luxembourg B 109.526 Media Dirk T. Schmitt +49 175 721 4836 [email protected] 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 acquisition, ownership and management of a residential property portfolio located in Germany. GAGFAH is a leading owner and operator of residential real estate in Germany. Our portfolio includes more than 140,000 own residential units that are mostly located in the large German cities and their respective commuter belts. We believe that our size, our significant presence in the key residential markets and our scalable operating platform make us one of the leading providers of affordable housing for low- to medium- income households in Germany. Our operating subsidiaries are full-scale service providers for a broad range of property and facility management services. Our objective is to generate shareholder value through sustainable and growing cash flows, increasing net asset value and sustainable dividends by efficiently managing our portfolio, carrying out value-enhancing property investments, pursuing accretive growth opportunities, and realizing value through selected asset sales. --------------------------------------------------------------------- 01.12.2014 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. 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 21 Fax: + 352 266 366 01 E-mail: [email protected] 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 News DGAP News-Service --------------------------------------------------------------------- 300961 01.12.2014

Die wichtigsten Finanzdaten auf einen Blick
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Umsatzerlöse1 0,00 0,00 0,00 0,00 0,00 0,00 0,00
EBITDA1,2 0,00 0,00 0,00 0,00 0,00 0,00 0,00
EBITDA-Marge3 0,00 0,00 0,00 0,00 0,00 0,00 0,00
EBIT1,4 0,00 0,00 0,00 0,00 0,00 0,00 0,00
EBIT-Marge5 0,00 0,00 0,00 0,00 0,00 0,00 0,00
Jahresüberschuss1 0,00 0,00 0,00 0,00 0,00 0,00 0,00
Netto-Marge6 0,00 0,00 0,00 0,00 0,00 0,00 0,00
Cashflow1,7 0,00 0,00 0,00 0,00 0,00 0,00 0,00
Ergebnis je Aktie8 0,00 0,00 0,00 0,00 0,00 0,00 0,00
Dividende8 0,00 0,00 0,00 0,00 0,00 0,00 0,00
Quelle: boersengefluester.de und Firmenangaben

1 in Mio. Euro; 2 EBITDA = Ergebnis vor Zinsen, Steuern und Abschreibungen; 3 EBITDA in Relation zum Umsatz; 4 EBIT = Ergebnis vor Zinsen und Steuern; 5 EBIT in Relation zum Umsatz; 6 Jahresüberschuss (-fehlbetrag) in Relation zum Umsatz; 7 Cashflow aus der gewöhnlichen Geschäftstätigkeit; 8 in Euro; Quelle: boersengefluester.de


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