|
contents | business | |||||||||
| Germany’s Aareal Bank sells majority stake in Immobilien Scout  Wiesbaden-based Aareal Bank AG, one of the leading international property banks, has sold its 66.22% stake in Immobilien Scout GmbH, Berlin, to a syndicate of investors led by Macquarie Bank Ltd and Publishing and Broadcasting Ltd, both based in Sydney, Australia. The purchase price values Immobilien Scout GmbH, the market leader amongst property internet portals in Germany, at € 540 million. This non-recurring effect will increase the consolidated net income after minority interests by approx. € 140 million. Additionally, retained earnings in accordance with IFRS will be increased by around € 14 million. The bank has thus raised its previous target of net return on equity after taxes in excess of 13% for the 2007 financial year to clearly over 20%.write your comments about the article :: © 2007 Construction News :: home page |