AURELIUS concludes successful disposal of hotel property portfolio
- Transfer of ownership completed for all four properties in December 2015
- Strong contribution in high double-digit millions to 2015 profits
Munich, January 4, 2016 – The AURELIUS Group (ISIN DE000A0JK2A8) has completed the sale of its four hotel properties in Hanover and the Glockenbachviertel, Isarvorstadt and Nymphenburg districts of Munich. The transfer of ownership for the three Munich locations has been concluded with effect from December 31, 2015, after the closing for the transaction in Hanover had already been completed in mid-December.
AURELIUS had acquired the four premises from Deutsche Annington in exceptional circumstances at the beginning of 2011 together with a further hotel property in Braunschweig. The location in Braunschweig had already been disposed of in 2012. AURELIUS s0ld the hotel property in the Glockenbachviertel district of Munich to Heisig & Heisig Projektentwicklungs GmbH in August 2015, while the largest premises, in Hanover, were sold to a private investor close to the hotel trade in November 2015. AURELIUS had announced in December that the two remaining premises in the Isarvorstadt and Nymphenburg districts of Munich were going to a real-estate multi-family office.
Following extensive renovation work, the hotel operating company GHOTEL hotel & living has been able to secure long-term leases for its locations in Munich and Hanover.
The restructuring and sale of the hotel property portfolio has thus been successfully completed, leading to a strong contribution to profits at AURELIUS in the high-double digit millions in the past fiscal year, 2015. The idea is to distribute half of the proceeds to AURELIUS shareholders in the form of a participation dividend.