MAGNAT acquires the assets of the co-investor R-QUADRAT Capital Beta GmbH - terminates business relationship with RQCB

(PresseBox) ( Frankfurt/Main, )
MAGNAT Real Estate AG ("MAGNAT", ISIN DE000A0XFSF0) is announcing that it has entered into an agreement to acquire all assets of its co-investor R-QUADRAT Capital Beta GmbH ("RQCB"). The agreement primarily covers the minority interest that RQCB has held in some of MAGNAT's projects. In 2011, as reported earlier, an insolvency proceeding against the assets of RQCB was initiated according to Austrian Insolvency Code. Today's agreement was reached between MAGNAT and the liquidator of RQCB.

In addition, the agreement covers the termination of all mutual receivables and liabilities. This would terminate all business relationships between MAGNAT and RQCB. The agreement is among others subject to approval and must be in legal accordance with the restructuring plan filed with the court by RQCB.

The sum of EUR 8 million was agreed and is comprised of the purchase price and compensation for all mutual receivables. The closing of the transaction is expected by the end of February 2012.
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