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PREOS Real Estate AG: EBIT almost tripled in first half of 2020 and further expansion of the real estate portfolio

·4-min read

DGAP-News: PREOS Real Estate AG / Key word(s): Half Year Results/Real Estate
24.09.2020 / 12:11
The issuer is solely responsible for the content of this announcement.

Press Release

PREOS Real Estate AG: EBIT almost tripled in first half of 2020 and further expansion of the real estate portfolio

Leipzig, 24. September 2020 - PREOS Real Estate AG (in future: PREOS Global Office Real Estate &Technology AG, "PREOS", ISIN DE000A2LQ850) was able to significantly expand its portfolio of existing properties in the first half of the year, thus continuing its profitable growth course.

Earnings before interest and taxes, EBIT, rose by almost 179 percent to around EUR 70.0 million in the first half of 2020 (first half of 2019: EUR 25.1 million), thus almost tripling. Consolidated earnings after taxes totalled EUR 30.9 million in the reporting period, compared to EUR 21.8 million in the previous year.

This increase primarily resulted from the acquisition of further office properties in prime locations in recent months. The portfolio's value almost doubled in the first half of 2020 compared to the same period of the previous year.

The newly acquired properties in the reporting period included the Westend Carree in the city centre of Frankfurt/Main with renowned tenants, such as the Max Planck Institute, and the Centurion Tower, which is also located in an attractive area of the banking metropolis.

As a real estate investor, PREOS intends to continue to focus on the acquisition of office properties in central locations in the future and also to advance its internationalisation strategy.

Frederik Mehlitz, CEO of PREOS Real Estate AG: "We can look back on a very successful first half of 2020, which is reflected in the strong improvement in consolidated earnings. With the support of our major shareholder and asset manager, publity AG, we were able to rapidly expand our property portfolio - despite the exceptional circumstances caused by COVID-19. We have thus proven that our business model is crisis-resistant. We believe we are solidly positioned for the future and have a well-filled pipeline of commercial properties with potential for value growth. In combination with the planned internationalisation and digitalisation of our business model, this will ensure a solid position for PREOS on the market.

 

About PREOS Real Estate AG

PREOS Real Estate AG (in future: PREOS Büro Estate & 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.
 

Investor & Public Relations
edicto GmbH
Axel Mühlhaus
Eschersheimer Landstraße 42
60322 Frankfurt am Main
Phone +49(0) 69/905505- 52
Mail: preos@edicto.de

 

Disclaimer

This publication may contain future-oriented statements. Future-oriented statements are all statements that do not refer to historical facts or events. This applies in particular to statements about the intentions, beliefs or current expectations of the Company with respect to its future financial performance, plans, liquidity, prospects, growth, strategy and profitability as well as the economic environment in which the company operates. The future-oriented statements are based on current estimates and assumptions made by the company to the best of its knowledge. However, such forward-looking statements are subject to risks and uncertainties because they relate to future events and are based on assumptions that may not occur in the future. The company is not obliged to update or modify the future-oriented statements contained in this publication to reflect events or circumstances occurring after the date of this publication, unless they contain insider information subject to publication requirements.


24.09.2020 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.

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

Language:

English

Company:

PREOS Real Estate AG

Landsteinerstraße 6

04103 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:

1136109


 

End of News

DGAP News Service

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