9:00 | 04.08.2008
DGAP-News: GWB Immobilien AG: GWB and HSH Real Estate establish joint venture
GWB Immobilien AG / Joint Venture
04.08.2008
Release of a Corporate News, transmitted by DGAP – a company of EquityStory AG.
The issuer / publisher is solely responsible for the content of this announcement.
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- Focus on revitalisation of retail property
- GWB responsible for company management
- Investments of EUR 100 million planned
Hamburg, 4. August 2008. GWB Immobilien AG is liaising with HSH Real Estate
AG to establish a joint project company. GWB will be assuming
responsibility for managing the new company, which is based in Hamburg.
Investments of EUR 100 million in retail property are planned in the
initial stage. GWB Immobilien AG is implementing its planned investments
and guaranteeing further corporate growth by entering into this
partnership.
GWB holds a 51 per cent interest in the joint project Projektgesellschaft
company market 10 GmbH & Co. KG, while HSH Real Estate AG owns the
remaining 49 per cent. This means that the company’s results will be
consolidated in GWB Immobilien AG’s accounts. HSH Real Estate AG is also
being granted the option of acquiring 25.1 per cent of the share capital,
which can be exercised on the occasion of a further increase in GWB’s
capital.
‘GWB Immobilien AG’s concept and management are what convinced us: we
consider the clear focus on retail projects as well as our partner’s many
years of experience and impressive track record to be guarantees of
successful co-operation,’ explains Dr Marc Weinstock, Chief Executive
Officer of HSH Real Estate AG. ‘We are growing and investing in many
different fields. The pooling of the know-how available at both companies
enables us to take opportunities and to continue expanding our market
presence.’
Dr Norbert Herrmann, Chief Executive Officer of GWB Immobilien AG: ‘We are
delighted to have found such a strong partner. HSH Real Estate AG has a
very professional management and in-depth market expertise as well as a
streamlined, lean organisation which facilitates fast decision-making
processes. We are sure about the concept, because we have developed it
together, and are looking forward to the partnership.’
The members of the GWB Immobilien AG Management Board have been appointed
directors of Projektgesellschaft market 10 GmbH & Co. KG: Dr Norbert
Herrmann (Managing Director), Dipl.-Ing. Wolfgang Mertens-Nordmann and Jörg
Utermark.
About HSH Real Estate AG
As a wholly owned subsidiary of HSH Nordbank AG, HSH Real Estate AG was
founded in spring 2004 and pools all the bank group’s real estate business
with the exception of its conventional finance business. In terms of total
assets, HSH Real Estate is among the top 10 real estate stock corporations
in Germany.
The business operations of the company and its subsidiaries comprise the
following real estate segments: equity investments, project development
services and the fund business.
About GWB Immobilien AG
Over a period of more than 15 years, the GWB corporate group has developed
into a specialist for the implementation of large retail properties and for
the revitalisation of derelict industrial and commercial sites. The focus
is on medium-sized towns and suburban areas.
The strength of the GWB business model is that the company acts as a
single, integrated source for the provision of all the necessary services,
covering the entire supply chain from project development and construction
to marketing and management. A total of more than 40 projects have been
completed successfully.
GWB is listed in the Prime Standard at Frankfurt Stock Exchange, currently
manages about 30 properties and plans to continue the systematic expansion
of its property portfolio.
Press Contact:
Kirchhoff Consult AG, Janina Wismar
Tel.: 040 609 186-50, janina.wismar@kirchhoff.de
04.08.2008 Financial News transmitted by DGAP
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Language: English
Issuer: GWB Immobilien AG
Hauptstraße 1a
22962 Siek
Deutschland
Phone: +49 4107 9080-0
Fax: +49 4107 908072
E-mail: info@gwb-immobilien.de
Internet: www.gwb-immobilien.de
ISIN: DE000A0JKHG0, DE000A0JRVH4, DE000A0JRVJ0
WKN: A0JKHG
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Hamburg, Düsseldorf, Stuttgart
End of News DGAP News-Service
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