Half-year results 2017 of Geneba Properties N.V.

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Overig advies 30/08/2017 08:18
Completion of strategic alternatives process
Fraser Property new majority shareholder
Frasers Property launched One-time Offer for remaining free float DRs
at € 3.74 per DR
Net result attributable to DR holders for first six months 2017 € 3.6 million
Net asset value as of 30 June 2017 € 2.81 per DR

Amsterdam, 30 August 2017 – During the first six months of the year Geneba Properties NV (“Geneba”) was focused on the completion of the strategic alternatives process, resulting in the announcement on 15 April 2017 that an affiliated company of Frasers Centrepoint Ltd (“FCL”), being Frasers Property Investment (Holland) B.V. (“Frasers Property”), would acquire the 86.56% stake in Geneba held by Catalyst Coöperatief U.A. (“Catalyst”). This acquisition was completed on 5 July 2017 after obtaining the necessary consent and regulatory approvals. On August 4, 2017 Frasers Property launched a one-time all cash offer (“One-time Offer”) for the remaining 13.44% free float DRs at a price of € 3.74 per DR. This is the same price at which Frasers Property acquired the majority stake from Catalyst.

Further highlights HY 2017:
Net result € 3.6 million (HY 2016: € 14.9 million)
Net result includes transaction costs of € 11.6 million relating to strategic alternatives process
Direct investment result (excluding these transaction costs) € 9.6 million (HY 2016: € 20.5 million). Decrease due to sale of 93% stake in Infineon headquarter at 29 December 2016. The proceeds of €113 million were distributed to DR holders on 3 January 2017. Decrease partly offset with acquisitions and extensions in existing portfolio during 2016 and 2017
Acquisition of two Dutch logistical properties for € 51.7 million in February 2017
Indirect investment result of € 5.6 million (HY 2016: € 5.6 million negative) due to positive net value movements based on external valuations (2.1% value increase compared to year-end 2016 valuations)
Total portfolio as of 30 June 2017 valued at € 555.6 million (YE 2016: € 492.6 million)
Occupancy rate 98.0% (YE 2016: 97.7%)
WALT 9.2 years (YE 2016: 9.2 years)
Loan-To-Value 49% (YE 2016: 47%)
Net asset value per DR € 2.81 (YE 2016 € 2.76)
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Wulf Meinel, CEO of Geneba:

“The HY results show solid portfolio results, which we achieved from our quality portfolio of mission critical logistics and light industrial properties in Germany and the Netherlands. They are a proof that we have achieved stable returns and realised an increase in the portfolio’s value with our proactive asset management approach in giving our tenants a home.


The results further reflect the successful outcome of the strategic alternatives process we announced in the second half of 2016 and which lead to the sale of the 86% stake in Geneba from our former major shareholder Catalyst to Frasers Property. The price of € 3.74 per DR represents a premium to the net asset value. Fraser Property’s tender offer for the remaining holders of DR’s at an equal price represents significant shareholder value creation since Geneba started its business in 2014.

We are very pleased to have Frasers Property as our main shareholder. They bring further real estate experience and knowledge to our business and support our client focus and strategy.”

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http://files.smart.pr/d8/3511308cc211e7847a1d65e3d0260e/170830---Halfjaarcijfers-2017-Geneba-Properties-NV.pdf



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