euro adhoc: Vivacon AG / VIVACON AG transfers EUR 28.6 mn residential property portfolio (E)

Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement.

Cologne, October 28th 2004. VIVACON AG (ISIN DE0006048911) has notarized the sale of the first 637 apartments of its Berlin residential portfolio to Deutscher Woh-nungsprivatisierungsfonds DWF 1 GmbH & Co.KG (‘DWF1’). This sale will be recog-nized in VIVACON’s accounts in the course of the equity raising of the fund.

The sale into the DWF 1 real estate fund was effected through GERMAN REAL ESTATE OPPORTUNITIES GmbH & Co. KG, a 100% subsidiary of VIVACON AG, which acts as an issuer of closed-end real estate funds within the group.

The apartments are situated on a plot of 47,000 sqm and have a floor space of ap-prox. 41,000 sqm. The sale of these apartments was structured under ground lease terms. The leasehold property will remain within the VIVACON group.

The sale of these residential units out of a recently acquired portfolio of 1,529 units marks the launch of the first German residential real estate privatisation fund DWF 1.

In this context the company further announces its decision to execute the contractual right to revoke the acquisition of a housing estate in Duisburg from July 29th, 2004, and has hence withdrawn from that purchase agreement.

Further inquiry note:
Lars Schriewer
Tel.: +49 (0) 221 93761 26

emitter: Vivacon AG Bayenthalgürtel 4 D-50968 Köln phone: +49(0)221 93761 0 FAX: +49(0)221 93761 11 mail: WWW: ISIN: DE0006048911

end of announcement euro adhoc


sector: Real Estate language: English