DGAP-News: PREOS Real Estate AG further expands portfolio with acquisition of Westend Carree in Frankfurt/Main

PREOS Real Estate AG further expands portfolio with acquisition of Westend Carree in Frankfurt/Main

Leipzig, 14 January 2020 - PREOS Real Estate AG ("PREOS", ISIN DE000A2LQ850) is further strengthening its real estate portfolio with a renowned Frankfurt office property and is purchasing the Westend Carree in Frankfurt am Main with a total rental area of around 30,550 square metres. The purchase was made by the PREOS subsidiary publity Investor GmbH, in which PREOS holds 94.9 percent of the shares. The purchase agreement has now been notarised and the closing of the transaction is expected at the end of January. It has been agreed not to disclose the purchase price.

The Westend Carree is located in a prime central Frankfurt location and is 91 percent let. The property has an attractive tenant mix of renowned national and international tenants, including the Max Planck Institute and the investment bank Natixis. The weighted average lease term (WALT) for the entire property is approximately 4 years.

The Westend Carree was built from 1987 to 1989 and extensively renovated in 2009 and 2010. The total rental space is divided into three building sections, each with six to eight floors, and can be divided flexibly. The property has an underground car park and three separate entrance areas, each with its own lobby.

The off-market transaction was arranged by Oceans & Company. Furthermore, publity was advised by the law firm Simmons & Simmons on the purchase of the property.

Frederik Mehlitz, CEO of PREOS Real Estate AG: "We are pleased that we are expanding our portfolio with another prestigious office property in a top location and with renowned tenants, thus continuing our growth very successfully".
 

About PREOS Real Estate AG

PREOS Real 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: [email protected]