Züblin sells German real estate portfolio to CLS
In May, Züblin Immobilien Holding announced its intention to sell its German real estate portfolio. The British CLS Holding is taking over the properties.
As Züblin announced in mid-June, the Board of Directors has approved the sale of the portfolio to CLS Holding plc, a real estate company listed and domiciled in the UK. The contract was signed on June 13, 2017.
The decision of the Board of Directors to sell the twelve German properties with a gross investment value of EUR 152.2 million is based on the good market situation in Germany and the high demand for office properties, Züblin continued. As already communicated in the annual report as at March 31, 2017, the transaction had a positive impact of CHF 13 million on the 2016/17 annual result.
The sale confirms the property valuation of EUR 148.4 million and will lead to a net cash inflow of around EUR 52.1 million and an increase in the equity ratio from 32% (as at March 31, 2017) to 45% in the future once the contract comes into effect, the company added.
The transaction is expected to be completed in the first half of the 2017/18 financial year.
