22. März 2010 
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Magnat enjoys inflow of over €8 million from lucrative partial sale
Magnat Real Estate Opportunities GmbH & Co. KGaA is able to announce the sale of the 'Sisli' property, which is part of the YKB portfolio and covers an area of 3,660 sq m. Magnat holds a 33.3% stake in the YKB portfolio and will receive €8.5 million from the sale.
The 'Sisli' property was acquired in July 2007 as part of the overall portfolio and is centrally located in Istanbul in one of the main shopping streets. The Turkish capital is marked by rapid population growth and therefore it was possible to achieve a respectable appreciation in value. Initially planned as a development project, it was sold as property following an attractive purchase offer. Originally acquired for €12.8 million and with a selling price of €25 million, an IRR amounting to about 32% was achieved.
Magnat holds a 33% stake in the YKB portfolio and originally invested some €21 million in equity. Re-marketing of the YKB portfolio has been extremely positive thus far and a total of about €17 million has flowed back into the Company from this portfolio. Further inflows are expected in the coming months.
Jan Oliver Rüster, CEO of Magnat, comments: "This very profitable sale of the Sisli property is extremely gratifying and within just a few months it is another success story from our Turkish portfolio, which continues to comprise very interesting projects that will attract an equally appealing return. Once again, we have substantiated the sustainability of our business model and strategy. Our well diversified portfolio again proofs the ability to absorb economic volatilities. For Magnat this sale means a further strengthening of our solid liquidity and will have a positive impact on our earnings in the fourth quarter."
The 'Sisli' property was acquired in July 2007 as part of the overall portfolio and is centrally located in Istanbul in one of the main shopping streets. The Turkish capital is marked by rapid population growth and therefore it was possible to achieve a respectable appreciation in value. Initially planned as a development project, it was sold as property following an attractive purchase offer. Originally acquired for €12.8 million and with a selling price of €25 million, an IRR amounting to about 32% was achieved.
Magnat holds a 33% stake in the YKB portfolio and originally invested some €21 million in equity. Re-marketing of the YKB portfolio has been extremely positive thus far and a total of about €17 million has flowed back into the Company from this portfolio. Further inflows are expected in the coming months.
Jan Oliver Rüster, CEO of Magnat, comments: "This very profitable sale of the Sisli property is extremely gratifying and within just a few months it is another success story from our Turkish portfolio, which continues to comprise very interesting projects that will attract an equally appealing return. Once again, we have substantiated the sustainability of our business model and strategy. Our well diversified portfolio again proofs the ability to absorb economic volatilities. For Magnat this sale means a further strengthening of our solid liquidity and will have a positive impact on our earnings in the fourth quarter."
