Züblin Immobilien Holding AG has announced that the Board of Directors has approved the rotation of the Group's independent property appraisers. This change is based on industry best practices to periodically rotate the appraisers. The Company also announced the sale of two properties in Germany for an amount slightly below their combined IFRS value as of March 31, 2009.
Züblin has used the same independent property appraisers, Jones Lang LaSalle and CB Richard Ellis, since it started its real estate activities in 1998. In line with industry best practices, the Board of Directors took the decision to rotate its appraisers. As of September 30, 2009, Züblin has engaged Wüest & Partner AG, Zurich, as its lead independent appraiser. Wüest & Partner will directly perform the valuations in Switzerland and Germany, and will coordinate the valuation activities in France, the Netherlands and Belgium. In France, BNP Paribas Real Estate (formerly Atisreal) will perform the valuations, with Troostwijk responsible for the Netherlands and Belgium.
The Company also announced today the disposal of its 89% vacant, 10,094-m² office building on Eisenstrasse in Rüsselsheim, as well as its fully-let 1,090-m² retail property on Massener Strasse 61 in Unna. The combined annual rental income of the two properties is 157,000. The sales are consistent with the Company's strategy to concentrate its investment holdings on energy efficient office properties in a few selected cities in Switzerland, France and Germany. The combined sales price was 2.9 million and is slightly below the total IFRS values as of March 31, 2009.
Source: Züblin Immobilien Holding AG