Dienstag, 1. Juli 2008

Estavis Sells Two Real Estate Portfolios for 61 Million Euros

July 1 (Bloomberg) -- Estavis AG, a German real-estate company, sold two real estate portfolios for a total of 61 million euros ($96.1 million).

Sales proceeds will be included in the company's 2009 fiscal year, which starts today, Berlin-based Estavis said in a statement late last night. Estavis received 44 million euros and 17 million euros for the sale of the two portfolios.

In February, the company cut its forecast for the just-ended fiscal year because investment funding is drying up. It lowered its revenue outlook to ``light sales growth'' for the 2008 fiscal year from 198 million euros a year earlier. In November, Estavis forecast sales of 300 million euros.

From its base in Berlin, Estavis serves as a market maker between private Germany property sellers and the institutional real estate market. The company also manages its own portfolio.
Estavis fell 16 cents, or 2.7 percent, to close at 5.74 euros in Frankfurt yesterday, giving the company a market value of 46.5 million euros. The shares have dropped 80 percent in the past year.

To contact the reporter on this story: Nadja Brandt in Los Angeles at nbrandt@bloomberg.net

source: http://www.bloomberg.com/apps/news?pid=20601100&sid=ahqxjn7eOsjk&refer=germany

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