Ad-hoc Releases / Public disclosure of insider information

Ad-hoc disclosure pursuant to article 17 MAR: Aareal Bank Group reaches agreement on the acquisition of Düsseldorfer Hypothekenbank AG

11.09.2018 00:10 a.m. - Following negotiations with the Association of German Banks (Bundesverband Deutscher Banken e.V.), Aareal Bank Group has reached an agreement on the acquisition of all shares in Düsseldorfer Hypothekenbank AG.

Following negotiations with the Association of German Banks (Bundesverband Deutscher Banken e.V.), Aareal Bank Group has reached an agreement on the acquisition of all shares in Düsseldorfer Hypothekenbank AG. The sale and purchase agreement has been signed; it is subject to approval by corporate bodies. Closing of the transaction is subject to regulatory approvals, and is currently expected to take place in 2018. The preliminary purchase price is approx. EUR 162 million. The final purchase price will depend upon market price fluctuations until the closing date.

For Aareal Bank, the transaction would lead to a positive one-off effect from initial consolidation (negative goodwill) in the amount of approx. EUR 52 million. Operating profit for the 2019 financial year would presumably be burdened by this transaction in a very low double-digit million amount. Against this background,  the purchase price has been reduced and negative goodwill increased accordingly.

Assuming closing will take place in 2018, as planned, said one-off effect would materialise in the 2018 financial year. In such case, Aareal Bank would increase its original profit forecast for the 2018 financial year, expecting consolidated operating profit – including the one-off effect – to be in a range between € 312 million and € 352 million, and EpS to be in a range between € 3.47 and € 3.87.

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