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EQS-News: Deutsche Konsum REIT-AG
/ Key word(s): Miscellaneous
Press release Business update for financial year 2023/2024 Deutsche Konsum REIT-AG on track in a challenging market environment
Potsdam, 26 November 2024. Deutsche Konsum REIT-AG, one of the leading German property companies investing in food-retail anchored assets, looks back to a successful financial year 2023/2024. Today, the company has given a business update. Full year results will be presented on 19 December 2024. The company has decisively addressed its challenges with a management reshuffle and strengthened leadership team. The management has taken several measures to ensure the successful refinancing of maturing bonds, the repayment of outstanding debt, and systematically enhancing financial discipline and overall business processes. Stable operational business with resilient key performance indicators
Significant debt reduction of EUR 88.6 million Obotritia Capital KGaA repaid an EUR 11.6 million tranche on its outstanding EUR 62.5 million debt (as of 30 September 2023) to the company in financial year 2023/2024. An additional EUR 30.6 million tranche was paid back in October 2024. Funds were used to reduce debt. With the sale of 14 properties the company achieved a further debt reduction of EUR 77.3 million. Successful bond refinancing of EUR 145.9 million Bond refinancing of EUR 145.9 million was finalized in June 2024 – new debt instruments are secured and mature on 30 September 2025. Additional selective asset disposals to further improve financial flexibility Deutsche Konsum REIT AG remains committed to improving its financial flexibility through additional selective asset disposals, disciplined CAPEX management and strategic debt reduction. The company’s continued focus on operational stability ensures resilience amid challenging market conditions. The full business update presentation with preliminary unaudited 2023/2024 financial results is available here: About Deutsche Konsum Deutsche Konsum REIT-AG, Broderstorf, is a listed real estate company with a focus on German retail properties for everyday goods at established micro-locations. The focus of the Company's activities is on the acquisition, management and development of local supply properties with the aim of continuous performance and the leveraging of hidden reserves. The shares of the Company are listed on the Prime Standard of the Deutsche Börse (ISIN: DE000A14KRD3) and on the JSE (JSE Limited) (South Africa) by way of a secondary listing. Contact: Deutsche Konsum REIT-AG Mrs. Mareike Kuliberda Investor Relations Marlene-Dietrich-Allee 12b 14482 Potsdam Tel: 0331 / 74 00 76 - 533 Fax: 0331 / 74 00 76 - 599 E-Mail:
26.11.2024 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG. |
| Language: | English |
| Company: | Deutsche Konsum REIT-AG |
| Marlene-Dietrich-Allee 12b | |
| 14482 Potsdam | |
| Germany | |
| Phone: | +49 (0)331 740076512 |
| Fax: | +49 (0)331 740076599 |
| E-mail: | |
| Internet: | -konsum.de |
| ISIN: | DE000A14KRD3 |
| WKN: | A14KRD |
| Listed: | Regulated Market in Berlin, Frankfurt (Prime Standard); Regulated Unofficial Market in Dusseldorf, Munich, Stuttgart, Tradegate Exchange; JSE Securities Exchange |
| EQS News ID: | 2038589 |
| End of News | EQS News Service |
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2038589 26.11.2024 CET/CEST
