Successful sale of a former company building with significant book profit
_ Company building of the subsidiary Gämmerler sold for two-digit-million figure
_ Significant book profit and liquidity inflow of approx. EUR 10 million realised
_ With this sale, strategy of disposing of properties not required for operations almost complete
Munich, 29 November 2021 Blue Cap Asset Management GmbH, Blue Cap AG’s real estate company, has sold the former company building and premises in Geretsried to a private investor. The purchase price is in the lower double-digit-million range.
The property located south of Munich has been leased to Gämmerler GmbH, a wholly-owned subsidiary of Blue Cap, by Blue Cap Asset Management for the last few years. Today’s sale is part of the restructuring measures at Gämmerler GmbH. Since the beginning of this year, the company – which originates in the printing press industry – has shifted its focus to the service and spare parts business. This has led to a reduction in the company’s size and Gämmerler consequently moving to a smaller premises.
A book profit of around EUR 10 million has been achieved at Group level. The liquidity inflow is at a similar level following the repayment of loans and taxes. This is around eight times higher than the pro rata net asset value previously recorded for the property. In terms of EBITDA, the valuation multiple achieved on the sale of the property is four or five times higher than the current valuation factor for Blue Cap AG.
Tobias Hoffmann-Becking, Blue Cap CIO: “We are constantly working on the successful transformation of our portfolio. This includes our strategy of disposing of properties not required for operations. With today’s sale we have almost completed this project within one year of launching it. We can reinvest the proceeds into our existing portfolio and further M&A activities.”