Detail

Gateway Real Estate AG sells Development Partner AG and further commercial project developments

Frankfurt am Main, February 03, 2021. Today, Gateway Real Estate AG (WKN A0JJTG / ISIN DE000A0JJTG7) signed a share purchase agreement for all shares of Development Partner AG as well as its business shares in three further project companies (51% of the business shares each of the project companies Revaler Straße 32 PE GmbH, Storkower Straße 140 PE GmbH and Storkower Straße 142-146 PE GmbH). Thereby, the company entirely ends its activities in the "commercial properties development" segment and will only concentrate on the residential properties area in the future. Purchasers are private investors.

The total sales proceeds are in the lower three-digit million euro range. According to preliminary calculations based on figures not yet finally audited, the positive deconsolidation result on the balance sheet at group level is expected in the lower double-digit million euro range.

Closing of the share purchase is subject to conditions precedent and is intended for the beginning of March 2021.
 

Contact:
Sven Annutsch
The Squaire No. 15
60549 Frankfurt am Main
T +49 (0) 69 78808800 0
F +49 (0) 69 78 80 88 00-99
E-Mail: sven.annutsch@gateway-re.de