DGAP-News: publity AG
/ Key word(s): Real Estate
publity subsidiary PREOS sells real estate portfolio to GORE for EUR 200 million
- 12 office properties with market values up to EUR 19.2 million transferred to GORE
- In return, PREOS has obtained new GORE shares: participation in GORE now at 59.9 percent
- Further focus of PREOS exclusively on premium office properties in top German cities
- publity continues to function as asset manager for PREOS and for GORE
Frankfurt/Main, 17/07/2020 - The publity subsidiary PREOS Real Estate AG ("PREOS") has implemented an important step in its growth strategy with a focus on first-class, large-volume office properties in top German cities. As previously communicated, a portfolio of 12 office properties with market values of up to EUR 19.2 million has now been sold to GORE German Office Real Estate AG ("GORE"). The transaction was carried out by transferring 89.9 percent of the PREOS subsidiary PREOS Immobilien GmbH ("PREOS IMMO"), in which these properties are bundled, to GORE at a value of EUR 200 million. In return, PREOS has obtained new GORE shares at an exchange ratio of 1,000:1. This means that for every one share in PREOS Immo, 1,000 new GORE shares have been transferred to PREOS. As a result of the transaction, PREOS now holds 59.9 percent of GORE and publity is thus an indirect major shareholder of GORE. publity also continues to act as asset manager of GORE and PREOS.
Thomas Olek, CEO of publity, comments: "By this transfer of the PREOS properties, a clear definition of the strategy is being made: PREOS focuses on first-class office properties worth more than EUR 50 million each and GORE on properties in the low- and medium-priced segment in German metropolitan regions. The market is thus very well covered and we are pleased to be able to exploit the existing opportunities as asset manager for both companies".
publity AG ("publity") is an asset manager and investor specialised in office real estate in Germany. The company covers the core of the value chain from the acquisition to the development and the sale of real estate. With over 1,100 transactions in the past seven years, publity is one of the most active players in the real estate market. Currently, the company manages a portfolio with a value of over five billion euros. publity is characterized by a sustainable network in the real estate industry and in the Work-Out departments of financial institutions. With very good access to investment funds, publity handles transactions rapidly with a highly efficient process and proven partners. On a case-by-case basis, publity participates as co-investor in joint venture transactions to a limited extent. The shares of publity AG (ISIN DE0006972508) are traded on the Scale segment of Deutsche Börse.
17.07.2020 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
|Opernturm, Bockenheimer Landstraße 2-4|
|60306 Frankfurt am Main|
|Listed:||Regulated Unofficial Market in Dusseldorf, Frankfurt (Scale), Hamburg, Stuttgart, Tradegate Exchange|
|EQS News ID:||1095931|
|End of News||DGAP News Service|