We are pleased to announce further progress towards liquidating and paying out KanAm grundinvest Fonds in the form of the upcoming sale of a Paris property and a new 15-year lease for around 10,000 sqm of space in the E-Commerce, Phase 1 complex in Montreal. However, in spite of these successes, KanAm grundinvest Fonds’ unit price as of December 12, 2013 has declined, particularly as a result of routine revaluations.
The fifth distribution to be made as part of the liquidation and payout of KanAm grundinvest Fonds will amount to EUR 2.10 per unit, which corresponds to a total sum of around EUR 150 million. The distribution date is Monday, November 25, 2013.
Today we inform you of our sale of the 100 Avenue de Suffren property in Paris.
The fiscal year 2012/2013 ending June 30, 2013, was dominated by activities relating to the liquidation and payout of KanAm grundinvest Fonds, as set out in our Agenda 2016.
In our NewsMail No. 5 on May 13, 2013, we announced – in addition to the successful sale of the two properties in North America in line with our planning – that the fourth distribution to be made as part of the liquidation and payout of KanAm grundinvest Fonds will take place in the last week of May.
We are sending you the following to inform you of the successful sale of two more properties as part of the Agenda 2016. The proceeds from these sales will determine the planned distribution in the first half of 2013.
The management at KanAm grundinvest Fonds currently has two areas of focus: concrete sales negotiations and property enhancement programs in preparation for sales.
The goal we announced in our Agenda 2016 of distributing the available liquidity twice a year to all investors will again be achieved in the first half of 2013.
The focus in 2013 will again be on a disposal portfolio in Europe and the USA that has been defined on the basis of an in-depth market and property analysis. The disposal of this portfolio should achieve the main objectives of Agenda 2016, namely ensuring the quickest possible distribution of funds to investors and further reducing leverage. KanAm Grund’s management has begun negotiations, some of which are already proving very promising.