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    SPI   AT0000652250

S IMMO AG

(SPI)
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S Immo : Acquisition of Campus 6 office buildings in Bucharest successfully completed

06/17/2021 | 07:10am EDT

At the end of 2020, the stock exchange listed S IMMO AG purchased two Class A office buildings of Campus 6 in Bucharest from the Swedish project development and construction group Skanska for a total of EUR 97 million. The closing of the deal took place today. The two acquired state-of-the-art office buildings, which together have a lettable area of around 38,000 sqm, have thus been successfully transferred to the S IMMO portfolio. Major tenants are the technology group Microsoft and Société Générale, one of the most important commercial banks in France. The project is LEED Gold and WELL Silver pre-qualified.

The annual rental income of the two Class A office buildings is around EUR 6.7 million, with a yield of 6.8%. 'We are very pleased to have successfully completed the transaction of the Campus 6.2 and 6.3 office buildings. The location and quality of the properties are excellent, and at the same time they are extremely profitable, which has a positive effect on our cash flow and overall result', Herwig Teufelsdorfer, member of S IMMO AG's Management Board, commented on the closing.

Friedrich Wachernig, member of S IMMO AG's Management Board, continues: 'The Campus buildings are a first-class addition to our portfolio in the Romanian capital. Bucharest is currently one of the most important office markets in CEE and has developed into one of the most important IT & telecommunications locations in Europe. We are absolutely convinced that we will continue to see strong development here in the coming quarters.'

Campus 6 consists of four building components and is located in Bucharest's well-established sub-market Center-West. Since it is in the vicinity of the Technical University, this area is of great significance especially for IT companies. Its direct connection to the subway as well as to busses and trams further increases the attractiveness of this location. The two eleven-story A-class office buildings also have got two basements with 463 parking lots.

In addition to modern and flexible office concepts that characterise the Campus 6 complex, communal green spaces, a running track on the roof, bicycle parking, showers, charging stations for e-cars as well as restaurants and cafeterias with a terrace make the property more than just an office building: Here you will find workplaces where people enjoy spending time. The focus is on the well-being of the companies, their employees and guests. At the same time, the ecological footprint of Campus 6 is significantly reduced through a range of sustainable solutions.

Disclaimer

S IMMO AG published this content on 17 June 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 17 June 2021 11:09:02 UTC.


ę Publicnow 2021
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Sales 2021 190 M 225 M 225 M
Net income 2021 133 M 157 M 157 M
Net Debt 2021 1 314 M 1 559 M 1 559 M
P/E ratio 2021 10,9x
Yield 2021 2,28%
Capitalization 1 426 M 1 691 M 1 691 M
EV / Sales 2021 14,4x
EV / Sales 2022 12,6x
Nbr of Employees 555
Free-Float 54,4%
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Mean consensus OUTPERFORM
Number of Analysts 6
Last Close Price 20,10 €
Average target price 22,73 €
Spread / Average Target 13,1%
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Managers and Directors
Bruno Ettenauer Chairman-Management Board & CEO
Wilhelm Bayer Head-Controlling & Finance
Karin Rest Chairman-Supervisory Board
Thomas MŘller Head-Information Technology Specialist
Friedrich Wachernig Chief Operating Officer
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