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PREOS Global Office Real Estate & Technology AG: PREOS Global Office Real Estate & Technology AG PURCHASED ESSEN COMMERCIAL PROPERTY BELOW MARKET THEN CLOSED SALE TO SIGNA GROUP FOR 25% NET PROFIT IN 2020

·2-min read

DGAP-News: PREOS Global Office Real Estate & Technology AG / Key word(s): Real Estate
04.02.2021 / 08:16
The issuer is solely responsible for the content of this announcement.

PREOS Global Office Real Estate & Technology AG PURCHASED ESSEN COMMERCIAL PROPERTY BELOW MARKET THEN CLOSED SALE TO SIGNA GROUP FOR 25% NET PROFIT IN 2020

Leipzig, 04.02.2021 - Frederik Mehlitz, CEO of PREOS: "The Essen transaction is a showcase deal for how we add value to our shareholders. Our deep-data based analytics allows us to identify hidden value faster than traditional approaches and we are experienced acquisition specialists". This asset sale highlights the strength of the PREOS Group: sourcing attractive assets at favorable terms, driving the value of such assets as asset manager and ultimately achieving a profitable exit.

Our "TA2" commercial property in Essen is an excellent example: In mid-2019, PREOS acquired the asset below market. It immediately launched an asset management program investing approx. € 80m with the goal of reducing the property's full vacancy, and further to enhance its value for resale. PREOS substantially leased up the property in less than one year - anchor tenants now include Galeria Kaufhof, a major German department store chain that uses the asset for its headquarters. The property also includes the headquarters of the Police of the City of Essen, who signed a 30-year long term lease. In December 2020, PREOS successfully closed the Essen property sale with Signa Group, an Austria-based real estate group with assets of 18 billion euros, for an undisclosed purchase price.

Press Contact:

Financial Press and Investor Relations:

edicto GmbH

Axel Mühlhaus

Phone: +49 69 905505-52

Mail: preos@edicto.de

About PREOS Global Office Real Estate & Technology AG

PREOS Real Estate & Technology AG ("PREOS") is an active real estate investor focused on office properties. PREOS acts as an efficient management holding company. The acquisition focuses on office properties with development potential in German metropolitan regions. Value creation is generated by targeted asset management measures. Developed portfolio properties are sold in the event of adequate sales opportunities. The corporate strategy is to significantly expand the real estate portfolio through acquisitions in the coming years. The PREOS share (ISIN DE000A2LQ850) is listed in the over-the-counter segment m:access of the Munich Stock Exchange (PAG.MU) and on Xetra (PAG.DE). The company headquarters of PREOS is located in Leipzig.


04.02.2021 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.

The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de

Language:

English

Company:

PREOS Global Office Real Estate & Technology AG

Reichsstraße 2

04109 Leipzig

Germany

Phone:

0341 261787790

E-mail:

info@preos.de

Internet:

www.preos.de

ISIN:

DE000A2LQ850

WKN:

A2LQ85

Listed:

Regulated Unofficial Market in Frankfurt, Munich

EQS News ID:

1165697


 

End of News

DGAP News Service

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