UBM sells participation of the Hungarian M6 Motorway
Wien (pta023/22.12.2015/12:45) – UBM Development AG (UBM), Austria’s leading real estate developer, has sold its participations in the two Hungarian Motorway concession companies M6 Duna (40%) and M6 Tolna (45%) in a joint transaction with Bilfinger Projects Investments Europe GmbH. The buyer is a consortium formed by Aberdeen Asset Management, Intertoll and EBRD (European Bank for Reconstruction and Development).
The closing of the deal was subject to condition precedent to obtain the consent of the Hungarian State and the lenders banks of the two M6 concession companies. UBM expects a net cash-in from this transaction of around EUR 50 m. This positively influences the nebt debt as well as the equity ratio of UBM Development AG.
Within the scope of the demerger of the real estate business of PORR AG to PIAG Immobilien AG mid of 2014 and the merger of the latter into UBM in February 2015, the M6 motorway participations became part of the UBM portfolio. With selling the M6 concession companies UBM is in line with its strategy to increase its focus on the main asset classes residential, hotel and office in its home markets Austria, Germany and Poland.
Anna Vay, CEFA
Head of Investor Relations & Corporate Communications
UBM Development AG
phone: +43 (0)664 626 1314