DGAP-News: GWB Immobilien AG: Report on the 1st half of 2010 - GWB continues to invest in development projects

GWB Immobilien AG / Half Year Results

12.08.2010 08:32 

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Hamburg, 12. August 2010. GWB Immobilien AG generated sales of EUR 4.7
million in the 1st half of 2010, compared with about EUR 5.0 million in the
previous year. The operating result (EBIT) increased slightly over the
previous year to EUR 1.5 million. GWB continued to concentrate on the
funding and implementation of the new Speyer, Völklingen and Bremerhaven
projects in the 2nd quarter too. The investment in the three properties
amounts to EUR 84.9 million.

As in the same period the previous year, most of GWB's sales were accounted
for by rental income (EUR 4.4 million; previous year: EUR 4.7 million). The
reduction in rental income in the first half of the year is attributable to
tenant changes at various properties.

Period earnings after taxes amounted to EUR -0.5 million (previous year:
EUR -1.1 million). EBIT increased by EUR 0.07 million and totalled EUR 1.51
million (previous year: EUR 1.44 million).

The GWB Immobilien AG balance sheet total amounted to EUR 140.2 million on
30.06.2010, which was about EUR 1.9 million higher than in the 2009
financial year.

GWB Immobilien AG succeeded in concluding an extensive joint venture
contract with Caposition S.à.r.l.. Caposition will be making capital
available to GWB for current project developments and for the
revitalisation of existing properties in the context of project
investments. A specific commitment about funding for the property in Speyer
has already been received. The company has found a new partner for
long-term co-operation in Caposition.

GWB also sold a retail property from the company's portfolio at the
beginning of August. Agreement was reached with the buyer that the purchase
price in the lower double-digit million range is not to be disclosed. The
property in Wuppertal is a self-service department store with 8,250 m² of
rental space that is rented to the real,- corporate group (METRO). GWB
intends to sell further properties from its portfolio. They include smaller
properties like Guben, Röbel, Bad Sülze, Anklam or Bad Freienwalde as well
as the Spaldinghof property in Hamburg.

About GWB Immobilien AG
GWB is listed in the Prime Standard at Frankfurt Stock Exchange. Over a
period of more than 15 years, the GWB corporate group has developed into a
specialist for the implementation of large retail projects and for the
revitalisation of retail properties. 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. More than 40 projects have been
completed successfully.

Further information is available on the company website
www.GWB-Immobilien.de.



Press inquiries:
Kirchhoff Consult AG, Janina Wismar
Phone: +49 (0) 40 60 91 86-50, janina.wismar@kirchhoff.de




12.08.2010 08:32 Ad hoc announcement, Financial News and Press Release distributed by DGAP. Medienarchiv at <a href="http://www.dgap-medientreff.de">www.dgap-medientreff.de</a> and <a href="http://www.dgap.de">www.dgap.de</a>

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Language:     English
Company:      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, Berlin, Stuttgart
 
End of News                                     DGAP News-Service
 
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