PREOS Immobilien

Jul 17, 2020

17.07.2020 / 10:00 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". Press Contact: edicto GmbH