DGAP-News: GWB Immobilien AG: sale of two properties in the third quarter of 2011

DGAP-News: GWB Immobilien AG / Key word(s): Quarter Results
GWB Immobilien AG: sale of two properties in the third quarter of 2011

11.11.2011 / 08:30

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- EBIT of EUR1.7 million
- Projects progressing according to plan
- New development projects

Hamburg, 11 November 2011. In the first nine months of 2011, GWB Immobilien
AG generated an operating result (EBIT) of EUR1.7 million, compared with
EUR2.4 million in the same period the previous year. Sales amounted to
EUR7.2 million (2010: EUR18.9 million). The company succeeded in selling
the Nauen property and a site in Bamberg in the third quarter of 2011. The
impact of these sales will not be felt until the final quarter, however.

Postgalerie Speyer, the planning work for the Wolfsburg and Heppenheim
properties and the Völklingen project are progressing according to plan.
Construction of the Völklingen property will probably be starting in the
first quarter of 2012. GWB Immobilien AG participated in another
competition in the rehabilitation and health centre development field,
obtaining the commission for two more properties in Hesse.

Dr. Norbert Herrmann, CEO of GWB Immobilien AG, explains: 'Our job is to
stabilise the company on a sustained basis, with the aim of eliminating the
accumulated losses. The proceeds generated by the large Postgalerie Speyer
project, the business management contracts for existing properties, sale of
the rehabilitation and health centres and disposal of revitalised portfolio
properties will contribute to this.'

GWB continued to implement a systematic cost policy in the first nine
months. By comparison with the same period the previous year, personnel
costs were reduced by 9.7%, operating expenses by 7.1% and financial
expenses by 4.8%.

The GWB Immobilien AG balance sheet total at Group level amounted to
EUR133.4 million on 30 September 2011, which was about EUR9.8 million
higher than in the 2010 financial year. Undiluted earnings per share were
-EUR0.18 compared with -EUR0.10 in the same period the previous year.


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, Verena Rauch
Phone: +49 (0) 40 60 91 86-34, verena.rauch@kirchhoff.de


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Language:    English                                                
Company:     GWB Immobilien AG                                      
             Hauptstraße 1a                                         
             22962 Siek                                             
             Germany                                                
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 Berlin, Düsseldorf, Hamburg, Stuttgart  
 
 
End of News    DGAP News-Service  
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