DGAP-News: Coreo sells property in Mannheim

Coreo sells property in Mannheim

• Sale of around 10% of the overall area
• Acquisition price 1.325 million Euro
• Transition of benefits/encumbrances (closing) in 2019

Frankfurt am Main - 31 October 2019 - Coreo sold around 10% of its property in Güterhallenstraße in Mannheim's Mühlauhafen. The acquisition price for the part of the site with office and storage space amounts to 1.325 million Euro. It is expected that the closing will take place in 2019. As a result, the transaction will lead to corresponding sales and earnings contributions in the current financial year.

Marin N. Marinov, CEO of Coreo AG, sees this as a confirmation: "We already impressively demonstrated the potential of our real estate portfolio with the partial sales of our Göttingen residential portfolio and the Hydra portfolio. Once again, this first sale in Mannheim demonstrates the success of our selective acquisition strategy. Simultaneously, we believe that we are well on the way to achieving our targets in Mannheim. For example, we have the "www.buero-im-hafen.de" project in addition to other parts of the property there."
 

About Coreo AG
Coreo AG, which has its registered office in Frankfurt am Main, is a dynamically growing real estate company with a focus on German commercial and residential properties. Investments are made in real estate with considerable potential for appreciation thru refurbishment and repositioning, preferred in A and B macro locations. The goal is to build up an efficiently managed, high-yielding real estate portfolio through prudent development and the sale of non-strategic properties.