DGAP-News: InCity Immobilien AG: Sale of Berlin project developments to local partners

DGAP-News: InCity Immobilien AG / Key word(s): Miscellaneous
InCity Immobilien AG: Sale of Berlin project developments to local
partners

07.03.2011 / 08:26

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Sale of Berlin project developments to local partners

- Sale to Primus Immobilien AG
- Company sees early return of capital employed and fixed-tax profit shares


Cologne, 7 March 2011 - On 3 March 2011, InCity Immobilien AG sold its
joint projects with Primus Immobilien AG to the same company and its
subsidiaries.

InCity Immobilien AG will see an early return of its capital employed and
contractually stipulated fixed-tax profit shares as part of the sale of the
project developments. This will provide InCity Immobilien AG with cash
inflow in the single-digit million range without incurring any further
development or sales risks from the projects.

'The early sale of the Berlin project developments that we conducted with
our partner completes another of the important strategic measures for
restructuring InCity Immobilien AG that were launched in summer 2010, which
also aim to dispose of high-risk old business. We will promptly invest the
cash inflow from this transaction in attractive, high-return projects
within the scope of the new InCity partner model,' said Jürgen Oppelt, CEO
of InCity Immobilien AG.


About InCity Immobilien AG
InCity Immobilien AG specialises in providing innovative property project
finance and property project investments as well as designing and realising
high-quality properties. Accredited InCity partners with regional know-how
provide continuous and nation-wide access to attractive projects. Within
the scope of this cooperation, InCity's activities focus on providing
innovative joint venture project finance and project controlling. The
company uses intelligent realisation concepts to reduce project risks and
at the same time maximise earnings. For further information, please go to
www.incity.ag.


Contact
InCity Immobilien AG
Mozartstrasse 1
50674 Cologne, Germany
www.incity.ag

Lars Kuhnke
Phone: +49 (0) 221 95 27 57 55
l.kuhnke@incity.ag


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Language:    English                                              
Company:     InCity Immobilien AG                                 
             Mozartstr. 1                                         
             50674 Köln                                           
             Deutschland                                          
Phone:       +49 (0)221 952757-55                                 
Fax:         +49 (0) 221 95 27 57 57                              
E-mail:      info@incity.ag                                       
Internet:    www.incity.ag                                        
ISIN:        DE000A0HNF96                                         
WKN:         A0HNF9                                               
Listed:      Freiverkehr in Berlin, Düsseldorf, Stuttgart; Entry  
             Standard in Frankfurt                                
 
 
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