YOUNIQ AG, one of the leading providers of highquality student accommodation in Germany, has sold two undeveloped construction sections of the planned "Liechtensteiner Gärten" residential development to GRK Holding AG. At the same time, the successful disposal of the construction sections enables the company to discontinue its Project Development segment within one year. The Project Development segment renovates high-quality, listed residential real estate.
The listed "Liechtensteiner Gärten" project includes a total of 16 listed multi-family homes that were built in the 1920s, and which are to be comprehensively modernised and refurbished in four construction stages. A total of 120 apartments of varying dimensions, and entailing a total living space of around 8,100 m², are to be created on the area of land located in the southern part of Leipzig. After having already completed the first construction phase in the 2010 financial year, and having transferred it to investors and owner-occupiers, the second construction phase was greenlighted in January of this year. The outstanding III and IV construction phases entailing a total of 42 units will now be realised by project and property development company GRK Holding AG, a Leipzig-based company.
Rainer Nonnengässer, CEO of YOUNIQ AG, expressed his great satisfaction with the successful conclusion of the transaction as follows: "With GRK Holding AG, we have found an established and reliable partner that can guarantee the realisation of high-quality real estate on the Leipzig market. As a consequence, we have taken a decisive step towards discontinuing our commitment to the listed buildings renovation business earlier than planned." The company's primary strategic focus will now be on its Student Housing segment, as Nonnengässer went on to comment: "The sales proceeds will benefit our core Student Housing business, where we wish to further expand our already leading market position."
YOUNIQ AG: YOUNIQ AG has focused on student accommodation since 2009. The company covers a significant range of the student accommodation value chain - ranging from the purchase of real estate and land, through project development including planning, planning permission procurement and construction, all the way through to commercial and technical management. YOUNIQ has developed into a leading provider for this segment with currently 2,199 high-quality apartments under management or under construction. These properties are located at eight sites in Germany, including Munich, Erlangen, Karlsruhe, Frankfurt am Main and Leipzig. YOUNIQ bundles its many years of experience in the project development and asset management areas for largely residential properties. Drawing on its historic business operations, YOUNIQ AG holds an additional portfolio of 1,049 units that generate a stable rental income stream. YOUNIQ AG (ISIN: DE000A0B7EZ7, German Securities Identification Code/WKN: A0B7EZ) is listed on the Frankfurt Stock Exchange (General Standard).
Amendment Date: 2011/06/29