Pirelli RE to raise stake in Germany's DGAG after acquiring 96.83 pct |
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Thu, 11 Jan 2007 09:36
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MILAN (AFX) - Pirelli & C Real Estate SpA said it finalised the purchase of 96.83 pct of German property group Deutsche Grundvermoegen (DGAG) yesterday, and intends to raise its stake further.The stake was bought on the basis of a total valuation of DGAG of 465 mln eur, or 3 mln more that the initial estimate announced in October, it said.Pirelli RE said it also has an agreement with the businessmen Abert Buell and Cornelius Liedtke to buy a further 2.54 pct stake in DGAG.It added that by the end of the year DGAG's portfolio of residential properties, worth 1.04 bln eur, will be sold to a joint venture owned at 35 pct by Pirelli RE and 65 pct by funds of Deutsche Bank AG unit's RREEF.In addition, DGAG's 275 mln eur portfolio of commercial property will be sold to a joint venture owned at 30 pct by Pirelli RE and 70 pct by Morgan Stanley funds, it said.philip.webster@afxnews.compw/jfrCOPYRIGHTCopyright AFX News Limited 2006. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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Pirelli & C signs agreement to sell 7 pct Gim stake to Quattroduedue Holding 