GWB Immobilien AG
GWB Immobilien AG starts construction of POSTGALERIE SPEYER
GWB Immobilien AG / Key word(s): Miscellaneous 22.03.2011 / 11:21 - Biggest property in GWB's corporate history - About 80% of the retail space rented - Opening scheduled for the 3rd quarter of 2012 Hamburg, 22. March 2011. Construction begins in Speyer: now that GWB Immobilien AG has obtained all the funding needed for its POSTGALERIE development project, construction work in Speyer will start. POSTGALERIE is the biggest property in GWB's corporate history so far, with an investment volume of EUR 44.3 million. 80 per cent of the total retail space of about 20,000 m² has already been rented. POSTGALERIE in the centre of Speyer will probably be opening in the 3rd quarter of 2012. 'In planning POSTGALERIE, we have given particularly high priority to sustained development in the centre of Speyer: the historic facade of what used to be Speyer post office is being maintained, while a modern inner-city gallery is being created on three levels inside the building', explains Dr Norbert Herrmann. 'Our aim in doing this is to build a shopping centre that gives Speyer a distinctive identity - without changing the face of the city centre. The objective is for POSTGALERIE is to become a lively focal point in the middle of Speyer.' In spite of the fact that the capital market environment continues to be difficult, the Management Board of GWB has succeeded in arranging the financing of the development project. An appropriate loan contract was concluded with HSH Nordbank AG in February. Together with the equity provided, all the funds needed for POSTGALERIE SPEYER have now been obtained. 'The strong commitment of our partner Caposition S.à r.l. has played an important role in this process,' states Dr. Norbert Herrmann. In summer 2010 GWB concluded an extensive joint venture agreement with Caposition S.à r.l. Caposition was established by Natixis Capital Partners and Composition Capital Partners, in order to make capital available to property companies directly or indirectly for the development of property projects in Germany and to invest in the projects via this vehicle. GWB is listed in the Prime Standard at Frankfurt Stock Exchange. Over a period of more than 15 years, the GWB corporate group has developed into a specialist for the implementation of large retail projects and for the revitalisation of retail properties. The focus is on medium-sized towns and suburban areas. The strength of the GWB business model is that the company acts as a single, integrated source for the provision of all the necessary services, covering the entire supply chain from project development and construction to marketing and management. More than 40 projects have been completed successfully. Further information is available on the company website www.GWB-Immobilien.de. Press inquiries: Kirchhoff Consult AG, Janina Wismar Phone: +49 (0) 40 60 91 86-50, janina.wismar@kirchhoff.de End of Corporate News --------------------------------------------------------------------- 22.03.2011 Dissemination of a Corporate News, transmitted by DGAP - a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. DGAP's Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------- Language: English Company: GWB Immobilien AG Hauptstraße 1a 22962 Siek Deutschland Phone: +49 4107 9080-0 Fax: +49 4107 908072 E-mail: info@gwb-immobilien.de Internet: www.gwb-immobilien.de ISIN: DE000A0JKHG0, DE000A0JRVH4, DE000A0JRVJ0 WKN: A0JKHG Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin, Düsseldorf, Hamburg, Stuttgart End of News DGAP News-Service --------------------------------------------------------------------- 116382 22.03.2011
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