DGAP-News: GORE German Office Real Estate AG takes over property portfolio from PREOS for EUR 200 millionEQS
Im Artikel erwähnte Wertpapiere: GORE German Office Real Estate AG
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
- 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."
Financial Press and Investor Relations:
17.07.2020 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
|Company:||GORE German Office Real Estate AG|
|Bockenheimer Landstraße 17-19|
|60325 Frankfurt am Main|
|Phone:||069 / 2714 74 038|
|Listed:||Regulated Unofficial Market in Frankfurt, Munich (m:access)|
|EQS News ID:||1096053|
|End of News||DGAP News Service|