VIB Vermögen AG Buys Eight Properties from Branicks Group

VIB Vermögen AG, a specialist in commercial property development, acquisition, and management, has agreed to purchase an 89.9% share in seven real estate companies, encompassing a total of eight properties, from the parent company Branicks Group AG. The transaction, valued at approximately EUR 99 million, will add around EUR 13 million in annualized rental income to VIB's portfolio, bolstering its value-generating capabilities and rental income base.

This strategic acquisition comes after VIB announced preliminary results for the fiscal year, indicating a performance above the prior year and at the higher end of their target range. Dirk Oehme, Speaker of the Board for VIB Vermögen AG, believes the significant rental income from these assets will contribute to the company's positive outlook for 2024. The annual and consolidated financial statements for the 2023 financial year, along with the annual report, are set to be published on 30 April 2024.