Berlin, 28 December 2023 – Today, The Grounds Real Estate Development AG (The Grounds / ISIN: DE000A2GSVV5) cancelled the contract concluded on 18 March 2022 for the sale of the Terra Homes project in Erkner with a sales volume of EUR 18.5 million. The contract was cancelled by mutual agreement at the request of the buyer and is associated with the receipt of a compensation payment of EUR 5.55 million for The Grounds. As a result, the sales volume of The Grounds will decrease in the current financial year compared to previous planning to the extent that the construction progress achieved would have been recognised in the balance sheet as at 31 December 2023 according to the percentage of completion method. An amount of around EUR 9.2 million was recognised for this in the balance sheet for the first half of the year as at 30 June 2023. Against that, the compensation payment will increase earnings. As previously announced, updated guidance for 2023 will be provided in January 2024.
Contact:
The Grounds Real Estate Development AG
Jacopo Mingazzini, Management Board
Charlottenstraße 79-80, 10117 Berlin
T. +49 (0) 30 2021 6866
F. +49 (0) 30 2021 6849
E-Mail: info@tgd.ag
Web: www.thegroundsag.com
– End of the Adhoc announcement –
