Investment property sale takes Turbon debt free
October 6, 2021
The property located at Ruhrdeich 10, Hattingen, which houses the company’s headquarters, was sold for investment purposes.
The Turbon subsidiary Ruhrdeich Objekt Hattingen GmbH & Co. KG and the owner of the property at Ruhrdeich 10, Hattingen, announced it has a notarised Purchase agreement for the sale of the investment property.
Transfer of the property to its new owners is planned for end of the year, until then, the rental income will go to Ruhrdeich Objekt Hattingen GmbH & Co. KG.
Turbon said in its announcement: “At corporate level we will expected to achieve a book profit in the mid-single-digit million range with the sale. Our forecast, which was adjusted in the half-year financial statements, does not yet include this effect.”
The proceeds from the sale will initially be used to cover all of the Ruhrdeich Objekt Hattingen GmbH & Co. KG and Turbon AG loans. Both societies will then be free of financial debt, Turbon explained.
Part of the proceeds from the sale will be used to build a smaller property (around 2,200 m2) in Hattingen and modernise it. This property will be home to the administration of Turbon AG and its subsidiaries and is a location for various logistics activities, which are currently decentralised in rented premises.
Another part of the sales proceeds will be used to expand the business, including possible acquisitions, as well as to finance the ongoing expenses of Turbon AG.
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