14.07.2009

Pre-REIT villa specialist aims to expand

CR Capital Real Estate AG achieved a profit after tax of EUR 3.3 million in the first seven months of its existence and aims to buy cheaply during the crisis.

According to the company, income from the sale of a subsidiary with properties in Saxony, which helped streamline the portfolio, was crucial to the profit. CR Capital aims to exploit the opportunities offered by the current economic situation this year and acquire attractive properties cheaply, according to an announcement by the Berlin-based company, whose shares are currently listed on the Open Market (Freiverkehr). This is why the profit is not to be fully paid out; the Annual General Meeting will vote on a dividend of EUR 0.10 per share on 18 August 2009.

CR Capital Real Estate cites the management of exclusive residential and commercial property in the Berlin area as its core business. Accordingly, its operating activities include the acquisition and development of properties as well as their distribution (letting and sales). Currently, the company’s portfolio consists of five properties in Berlin with a lettable area of more than 4,500 square metres. In its planned expansion, CR Capital, which is currently still run as a “one-man-show” by its CEO Thomas Ehrich, has its sights focused on exclusive office villas.

As at 31 December 2008, CR Capital reported an equity ratio of some 96% and had bank deposits in excess of EUR 8 million. Ehrich wishes to invest the funds in REIT compatible properties.

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