VIB Vermögen AG adds five properties to its real estate portfolio
- Total investment volume EUR 22.7 million
- Optimistic outlook for fiscal year 2008
- 2007 annual report online from today
VIB Vermögen AG, a company specializing in portfolio management for commercial properties, has further expanded its portfolio by adding five properties located in Southern Germany. Logistic centers and truck service stations will be built on the land acquired in the first quarter of 2008 with a total area of around 84,900 m². Through these investments with a total volume of EUR 22.7 million the company has opened up additional growth potential.
Ludwig Schlosser, VIB Vermögen AG's CEO, believes that the company's market position has been reinforced: "We have already been able to fully let three of these five properties with long-term leases with terms of between 10 and 22 years. For another property the rental agreement is expected to be concluded soon. The fifth property is already 50% let, and we are in advanced negotiations with interested tenants." The properties are planned to be completed during the course of 2008, with the result that the Managing Board is forecasting a further increase in VIB's rental income. The new investments have an average rental yield of 8.2%.
In addition, Mr. Schlosser underscored the excellent perspectives for the current fiscal year: "We are very confident for 2008." As a result, the company is forecasting EBIT to grow to EUR 42.5 million. EBT is expected to increase to EUR 17 million.
The VIB Group was already able to significantly exceed its forecasts in 2007. VIB Vermögen AG's full annual report for 2007 is available at the company's Web site(www.vib-ag.de) under the Investor Relations section as of April 30, 2008.
VIB Vermögen AG
The VIB Vermögen AG is a medium-sized real estate holding company that focuses its investments on commercial real estate in South Germany. Founded in 1993 as a business partnership, the VIB was converted into a public company in the year 2000.
Since then the company has developed its core competency in the fields of acquisition and asset management of its own real estate and of investment in companies with real estate assets. The VIB Vermögen AG operates a 'buy and hold'strategy. This entails developing real estate for its own portfolio and also acquiring existing properties.
The real estate portfolio of the VIB Group comprises various logistics properties and industrial facilities, shopping and specialist retail centres and also commercial and service centres. The company achieves sustainable rental yields from a total lettable area of approximately 500,000 m².