- Roughly 9,000 units under management as of mid-2008
- Option to take over additional units as of January 2009
- Reaching break-even point ahead of schedule
Berlin, May 15, 2008 - ESTAVIS Property Management GmbH, a subsidiary of ESTAVIS AG, has substantially expanded the number of property assets under its management. By taking over an extensive management mandate for several properties located in Leipzig, Halle, Chemnitz and surrounding areas, the company is about to expand its managed portfolio from currently 4,000 to roughly 9,000 units by mid-2008. This means it will reach its break-even point ahead of schedule. "Beyond that, we have an option to take over another 5,000 to 6,000 units, beginning in early 2009," says Hans-Jörg Ludolph, Managing Director of ESTAVIS Property Management.
Rainer Schorr, Chairman of the Board of ESTAVIS AG, comments: "Our property management business is growing faster than expected, and has thus reached the break-even point well ahead of time. The fact commends the recognised quality of our services. Taking over this management mandate will strengthen those of our activities that are not based on portfolio trading. Simultaneously, we have taken a big step forward in our efforts to diversify the sources of income within our corporate group. The business line of property management is typically defined by steady cash flows and a comparatively low level of dependence on market cycles. Thus, it complements our core business of portfolio trading in a strategically sensible way."
Seated in Halle/Saxony-Anhalt and currently having a staff of 27 professionals, ESTAVIS Property Management GmbH commenced operation in August 2007. The company provides asset management and property management services both to portfolio customers of the ESTAVIS Group and to third parties along the lines of service mandates.
About ESTAVIS AG
ESTAVIS AG is a listed company seated in Berlin, Germany. Activities focus on the business areas of portfolio trading, condominium sales to private investors, property development and management. The portfolio trading line has made the company one of Germany's leading 'market makers,' mediating between private property sellers and institutional buyers of property portfolios. ESTAVIS approaches the acquisition of individual property with a set of pre-defined criteria, pooling them into structured portfolios and selling these 'on-demand' to institutional investors inside and outside Germany. For the identification of opportunities, ESTAVIS relies on an extensive network including more than 500 experienced realtors, among other professionals.
On top of that, its track record of more than 1,000 housing units sold annually makes ESTAVIS Group one of the leading providers in the fast-growing market segment of private property-based investments. With the takeover of B&V Bauträger- und Vertriebsgesellschaft für Immobilien mbH in October 2007, ESTAVIS AG has clearly consolidated its the activities of in this segment.
Since April 2007, ESTAVIS AG has been listed in the Prime Standard of the Frankfurt stock exchange (ISIN: DE000A0KFKB3).