DGAP-News: GORE German Office Real Estate AG takes over property portfolio from PREOS for EUR 200 million

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DGAP-News: GORE German Office Real Estate AG / Key word(s): Real Estate
GORE German Office Real Estate AG takes over property portfolio from PREOS for EUR 200 million

17.07.2020 / 10:00
The issuer is solely responsible for the content of this announcement.


GORE German Office Real Estate AG takes over property portfolio from PREOS for EUR 200 million

- Portfolio of 12 properties with respective market values up to EUR 19,2 million transferred to GORE

- GORE extends focus on office properties in German conurbations in the price segment up to EUR 40 million

- PREOS receives new GORE shares; PREOS stake in GORE at 59.9 %

Frankfurt/Main, 17 July 2020 - GORE German Office Real Estate AG ("GORE"; ISIN DE000A0Z26C8) has accomplished another important step in its growth strategy. As already announced in June (cf. ad hoc of 5 June 2020) and approved at the Shareholders' Meeting on 14 July, the Company acquired a real estate portfolio consisting of 12 office properties with respective market values of up to EUR 19,2 million from PREOS Real Estate AG ("PREOS"). The transaction gives GORE access to PREOS' extensive real estate pipeline including in the segment of higher priced commercial real estate up to EUR 40 million in German metropolitan areas.

As part of the transaction, GORE acquired 89.9% of the share capital of the PREOS subsidiary PREOS Immobilien GmbH ("PREOS Immo"), in which the corresponding real estate portfolio was bundled, at a valuation of EUR 200 million. In return, PREOS received new GORE shares in an exchange ratio of 1,000:1, i.e. for each share in PREOS Immo, PREOS receives 1,000 new shares in GORE. As a result of the transaction, the PREOS stake in GORE now stands at 59.9%. publity AG, major shareholder of PREOS, becomes an indirect major shareholder of GORE. They will continue to act as asset managers for GORE and PREOS.

Jörg Reinhardt, CEO of GORE: "The now concluded transaction represents an important step in our growth strategy. We are expanding our focus on higher-priced commercial real estate and intend to take advantage of market opportunities as they arise. We want to continue to grow successfully and profitably in the future and can rely on a well-filled pipeline."

About GORE
The GORE German Office Real Estate AG ("GORE") is a dynamically growing real estate investor with a focus on office properties in German conurbations. Using a manage-to-core approach, GORE acquires properties in preferred locations at below market value wherever possible in order to sustainably enhance their value. Investment activities focus on properties with a market value of between EUR 1 and 15 million. Compared to other property sizes, this size class offers a less competitive market environment in terms of purchasing according to GORE estimates. GORE's aim is to generate above-average value enhancement and return potential along the entire value chain, from acquisition through management to sale, together with its partners. The volume of the real estate portfolio is expected to be multiplied by acquisitions in the coming years.


Press Contact:

Financial Press and Investor Relations:
edicto GmbH
Axel Mühlhaus
Phone: +49 69 905505-52
Mail: gore@edicto.de



17.07.2020 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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Language: English
Company: GORE German Office Real Estate AG
Bockenheimer Landstraße 17-19
60325 Frankfurt am Main
Germany
Phone: 069 / 2714 74 038
E-mail: info@gore-ag.de
Internet: www.gore-ag.de
ISIN: DE000A0Z26C8
WKN: A0Z26C
Listed: Regulated Unofficial Market in Frankfurt, Munich (m:access)
EQS News ID: 1096053

 
End of News DGAP News Service

1096053  17.07.2020 

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