Intershop sells investment in Corestate Capital Holding S.A.
On 30 June 2016, with retroactive effect as of the beginning of 2016, Intershop Holding AG sold its investment of ca. 28% in Corestate Capital Holding S.A. to the majority shareholder Ralph Winter. The capital invested by Intershop in autumn 2013 enabled the Corestate Group to grow substantially and very successfully. In the medium term Corestate will require additional funding for its further planned expansion. As Intershop does not want to increase its international commitments at present and is not keen for its share to be diluted, the main Corestate shareholders have agreed that Intershop should exit the company amicably.
The sale of the investment results in the recognition of a pre-tax profit of CHF 7.5 million in the consolidated financial statements of Intershop Holding AG for the first half-year 2016. The goodwill offset against equity at the time of the acquisition is reversed by offsetting against the sales proceeds. This increases shareholders' equity by nearly CHF 12 million.
Intershop is a real estate company listed on the SIX Swiss Exchange and primarily active in Switzerland, which invests principally in commercial properties. As of 31/12/2015 its portfolio comprised 60 properties with a lettable area of 582,000 m2 and a market value of over one billion Swiss francs. Intershop invests mainly in the Zurich area, around Lac Leman and along the main traffic arteries. Its portfolio combines high yields with security, thanks to diversification by geography and type of use, with considerable potential for value appreciation in the properties with development potential.
|25/08/2016||Publication of half-year report 2016|
|01/03/2017||Media conference on annual report 2016|
|30/03/2017||Ordinary Annual General Meeting 2017|
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