PRESS & MEDA
Berlin, 1st September 2016
GxP German Properties AG changes its name and creates cornerstone for capital increase
- New name and headquarters registered
- Increase in share capital planned via issue of up to 80,377,500 new shares by way of a contribution in kind of German Investment Management Holding GmbH and a capital increase for cash
- Strategic focus lies on building portfolio and asset management of commercial properties
- Development of a real estate portfolio worth at least €750 million planned by 2018
The company’s new name was entered into the commercial register on Monday, 29 August 2016. As a result, the company’s previous name has been changed to “GxP German Properties AG” (GxP). In the future GxP will focus on the acquisition and asset management of office and retail properties in Germany. The company’s headquarters was also moved from Hamburg to Berlin.
Based on the resolutions taken at the annual general meeting, the company is also planning a combined cash and contribution-in-kind capital increase. Through this, GxP’s share capital is to be increased by up to 80,377,500.00 euros. As part of the capital increase, existing shareholders can exercise their statutory subscription rights and purchase further shares at a ratio of 1:35. The subscription period commences once the rights offer has been announced and will run for at least two weeks. As part of the capital increase, the business activities of German Investment Management Holding GmbH (GIMH) with headquarters in Berlin, which is currently active on the market with its subsidiary GxP Asset Management, will be sold to GxP German Properties AG for shares in GxP German Properties AG. At the moment, GxP German Properties (previously Cleanventure AG) is listed on the Munich and Stuttgart stock exchanges, with a listing on the Entry Standard planned for the fourth quarter.
The Management Board of GxP German Properties AG consists of the chairman, Johannes Meran, who was previously executive chairman of the Board of Directors at Conwert SE. The Management Board is completed by Andreas Lewandowski whose past roles include that of Head of Transactions at TAG Immobilien AG as well as member of the Management Board of Estavis AG. Both have extensive experience in the real estate industry. The Supervisory Board includes Rainer Schorr as chairman, Philip Moffat and Dr Hermann Otto Solms.
“The entry into the register is an important step in the company’s future development. The transfer of our real estate activities to GxP German Properties AG, will allow us to access the capital markets. For us this is key to implementing our strategy of building up a commercial property portfolio and expanding our asset management platform of office and retail properties in Germany”, comments Johannes Meran, CEO of GxP German Properties AG.
GxP focuses on acquiring core+/value add commercial properties in and around metropolitan regions, as well as in selected mid-sized German cities. Through its strong asset management platform, the company’s strategy is to leverage significant appreciation potential through proactive portfolio management whilst safeguarding stable returns by entering into long-term agreements with tenants. Therefore, GxP German Properties plans to build up a high-yield property portfolio worth more than €750 million by 2018. Consequently, the Management is already in in-depth discussions to purchase attractive objects.
The company’s website is online at www.gxpag.com.
GxP German Properties AG
With its headquarter in Berlin, GxP German Properties focuses on the Acquisition, Ownership and Management of office and retail properties in Germany. The investment strategy focuses on attractive commercial properties in the Core+/Value add segments in metropolitan regions and selected mid-sized cities in Germany. The company’s strategy is to leverage significant appreciation potential through proactive portfolio management whilst safeguarding sustainable rental revenues at the same time. To this end, it draws on both its many years of experience in the property market and its extensive network. Together with institutional investors, the company has invested in a portfolio of high-value properties worth around €180 million and manages the properties as part of its asset management business.
GxP German Properties AG
Europa Center 19. OG
Tel: +49 (0)30 886 267 40
Fax: +49 (0)30 886 267 411
Kirchhoff Consult AG
Tel: +49 (0)40 609 186 65
Fax: +49 (0)40 609 186 60