The WCM Group has sold its 38.7 percent interest in MAAG Holding AG, Zurich, Switzerland, to Swiss Prime Site AG, Olten, Switzerland. The stake was sold for a total price of more than CHF 75 million. The corresponds to a price per share of CHF 190. The purchase price was therefore significantly more than the current share price of MAAG.
The interest in MAAG Holding AG was held via several WCM Group companies, including among others RSE Grundbesitz und Beteiligungs-AG.
MAAG Holding AG is a listed Swiss property company with a property portfolio including 90 buildings, of which a significant share were owned by and are now leased to UBS. The properties have a rental area of around 311,000 m2.
'The disposal of the MAAG shares reflects the systematic implementation of our new positioning as an industrial group. Further sales of commercial property and financial investments will follow. In future, WCM will be focussing on the industry business area,' explained Roland Flach, CEO of WCM.
Last week, WCM sold its entire residential property division to the financial investor Blackstone. These sales are part of a repositioning of the Group as a company with an industrial focus. As a result of the disposals, the Group´s liabilities to banks have been significantly reduced. In future, the Group will position itself as an international industrial company. The Company´s core competence will be filling and packaging technology. Furthermore, the merger of WCM with its subsidiary Klöckner-Werke AG is scheduled for 2005.
Source: WCM Group