EQS-News: GORE German Office Real Estate AG: Extraordinary General Meeting approves refocusing, non-cash capital increase and change of name to 'GORE Technologies AG'

GORE German Office Real Estate AG: Extraordinary General Meeting approves refocusing, non-cash capital increase and change of name to "GORE Technologies AG"

 

Frankfurt am Main, December 1, 2023 - The shareholders of GORE German Office Real Estate AG ("GORE", ISIN DE000A0Z26C8) approved all items on the agenda at yesterday's Extraordinary General Meeting with a large majority of more than 98.5 percent of the votes. This means that, among other things, the acquisition of 100% of the shares in the Swiss company First Move! AG ("First Move") as part of a non-cash capital increase excluding shareholders' subscription rights.  First Move has a patented parking and parking garage technology that achieves an increase in parking garage space productivity of over 100% compared to a conventional parking garage. The solution - which is also suitable for retrofitting - significantly reduces pollutant emissions and space requirements and also significantly increases the capacity for charging electric vehicles. With the acquisition, GORE is refocusing its business model to become the leading player in the rapidly growing market for "automated parking". As part of the refocusing, the shareholders also approved the change of the company's name to "GORE Technologies AG" by a large majority.

The non-cash capital increase will be based on the capital reduction to EUR 3,752,500.00 resolved by the Annual General Meeting of GORE on October 20, 2023 and will be carried out against the granting of 19,000,000 new GORE shares at an issue price of EUR 6.00 per GORE share to the shareholders of First Move. The exchange ratio will be 190,000:1, i.e. for every one First Move share, its shareholders will receive 190,000 new GORE shares. The exchange ratio is based on an expert valuation of First Move of around EUR 129.7 million, whereby an agreement was reached with the shareholders of First Move on a lower valuation for the transaction of EUR 114 million.

Further details on the voting results of the Extraordinary General Meeting can be found here: https://www.gore-ag.de/en/investor-relations-2/#general-meeting

About GORE

GORE German Office Real Estate AG ("GORE") is a dynamically growing real estate investor with a focus on office properties in German metropolitan areas. Using a manage-to-core approach, GORE acquires properties in preferred locations at below market value wherever possible in order to enhance their value in the long term. The focus of investment activities is on properties with a market value of between EUR 1 million and EUR 15 million. GORE believes that this size category offers a less competitive market environment for acquisitions compared to other property sizes. GORE's aim is to work with its partners to generate above-average potential for value appreciation and returns along the entire value chain, from acquisition and management through to sale. The volume of the real estate portfolio is to be multiplied in the coming years through acquisitions.

Press Contact:

edicto GmbH

Axel Mühlhaus/ Svenja Liebig

Eschersheimer Landstraße 42

60322 Frankfurt am Main

Phone +49(0) 69/905505-56

E-mail: gore@edicto.de