17 09 2013

ESTAVIS Acquires Residential Company in Chemnitz

Berlin, 17 September 2013– Estavis AG just acquired J2P Real Estate AG, a Chemnitz-based housing company with a total stock of 160 residential units. The residential real estate group headquartered in Berlin will hold an 80 percent interest in the company. At the same time, Estavis will take over the subsidiary J2P Services GmbH, which acts as facility manager for proprietary and third-party portfolios in Saxony. “Looking forward, the acquisition ties in with our intention to proactively push our portfolio expansion in Saxony”, announced Jacopo Mingazzini, Member of the Management Board of Estavis AG. He added that taking over J2P Real Estate provides the Group with the solid foundation of reliable networks and experienced experts it needs in the areas of buying up and profitably managing suitable residential portfolios. “For us and our growth strategy, Saxony currently represents one of the most attractive housing markets anywhere in Germany. The demographic and economic prospects are very auspicious.”

The housing portfolio shows a vacancy rate of less than one percent, and the rent revenues add up to an annual 560,000 euros per year. “J2P Real Estate and its facility management subsidiary have done excellent work caretaking their housing stock. The flats show no redevelopment backlog of any sort, and are just about fully let”, explained Torsten Cejka, another Member of the Management Board of Estavis AG. Taking advantage of the superior market network of the Chemnitz-based companies, Estavis will acquire additional residential portfolios of comparable quality.

Estavis is financing the acquisition to 70 percent from equity and to 30 percent by issuing shares denominated at 2.50 euros each. 

Estavis AG is a listed property company focusing on residential real estate. The company selectively acquires residential portfolios with the intention of holding these assets long-term. Accentro, a subsidiary of Estavis and the Group’s other mainstay, is the market leader in housing privatisation services in Germany. Estavis AG is headquartered in Berlin and is listed on the Prime Standard of the Frankfurt Stock Exchange (German Securities Code Number [WKN]: A0KFKB).

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