27.08.2018
Coreo AG DE000A0B9VV6
DGAP-News: Coreo successfully closes the 'Hydra' portfolio deal
DGAP-News: Coreo AG / Key word(s): Real Estate
Coreo successfully closes the 'Hydra' portfolio deal
27.08.2018 / 09:00
The issuer is solely responsible for the content of this announcement.
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Coreo successfully closes the "Hydra" portfolio deal
Frankfurt am Main, Germany - August 27, 2018 - Coreo AG (WKN: A0B9VV, ISIN:
DE000A0B9VV6, Ticker: NNS) has successfully completed the acquisition of the
"Hydra" portfolio from the Commerzbank. The legal transfer of ownership is
scheduled for September 1, 2018. Coreo has invested approximately 22.5
million euros in twelve attractive value-added retail, office and
residential properties in top downtown locations in the states of Hesse,
North Rhine-Westphalia, Rhineland-Palatinate and Schleswig-Holstein. This
investment enables Coreo to accelerate its consistent value-creating growth
strategy.
Located at the outskirts of the pedestrian zones in downtown areas, the
former Commerzbank branches offer a total lettable space of over 22,000 m².
Many of the sites are prime locations for office and residential use and
their retail space has the potential for tremendous value creation given the
positive population growth forecasts and above-average retail KPI figures.
The former bank foyers will be converted into retail or gastronomy areas.
Due to the high demand for residential space, the offices in some locations
shall be converted into flats. This will considerably increase the share of
residential space of the portfolio up to around one third of the total
lettable area. An investment of approx. 5.5 million euros is planned for
renovating, conversion and re-letting the properties.
"We intend to utilize the full potential of the portfolio in the coming
years and to effectively realise the gains. In the months before closing we
have seen a strong demand from potential tenants and buyers. By fall 2018 we
expect to have first tangible results from lettings and sales, what even
tops our previous forecast. We therefore strongly believe that this
portfolio will deliver an IRR far in excess of 50 %, aside from the
attractive regular rental income in the future. Once we have completely
stabilized the properties we will decide whether to sell them at full
occupancy, or to keep them in our portfolio in the long term", said Marin
Marinov, Coreo's CEO. "This acquisition is the most important milestone in
our growth strategy to date and should significantly increase our net asset
value."
About Coreo AG
Frankfurt am Main based Coreo AG, is a real estate company focussing on
commercial and residential properties in Germany. It aims to develop and
manage a very profitable real estate portfolio. Active asset management of
the properties and their redevelopment shall create high rental income and
attractive sales proceeds.
Contact:
Coreo AG
Andrea Glaab
Investor Relations
Grüneburgweg 18
D-60322 Frankfurt a. M.
[email protected]
T: +49 69 219396-0
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27.08.2018 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.
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Language: English
Company: Coreo AG
Grüneburgweg 18
60322 Frankfurt am Main
Germany
Phone: +49 69 2193 96-0
Fax: +49 69 2193 96-150
E-mail: [email protected]
Internet: www.coreo.de
ISIN: DE000A0B9VV6
WKN: A0B9VV
Listed: Regulated Unofficial Market in Berlin, Dusseldorf,
Frankfurt (Basic Board), Munich, Stuttgart, Tradegate
Exchange
End of News DGAP News Service
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