Coreo: Planned sale of further properties from the Hydra portfolio strengthens financial power

• Sale of commercial properties in Marburg and Flensburg
• Sales target for 2018 achieved ahead of schedule
• Further strengthening of financial options

Frankfurt am Main - 26 November 2018 - Coreo AG sold two more properties from the Hydra Portfolio: A prestigious residential and commercial building located in downtown Marburg with nearly 2,200 sqm of rental space and its own parking, as well as an office and commercial building in the immediate vicinity of the pedestrian zone of Flensburg with some 1,000 sqm. The parties agreed not to disclose the purchase prices. Both assets were bought as a part of the Hydra Portfolio, consisting of twelve former Commerzbank branches, the deal was signed in May 2018 and the assets were taken over in September 2018.

Following Coreo's value-creating-growth-strategy the Hydra properties were acquired by two Coreo subsidiaries with different investment purposes. Six properties were bundled in the "hold portfolio", with a plan to develop and hold them on mid- to long term basis. The plan for the other six properties in the "sale portfolio" was a quick and profitable resale within few months after the acquisition.

With the sale of the properties in Marburg and Flensburg, and the one in Trier in October, Coreo has achieved its sales plans for 2018 ahead of time. These transactions accounted for more than 85 % of the total value of the "sale portfolio".

Marin Marinov, CEO of Coreo AG, was very pleased with the results: "Until now, we have only been perceived as a buyer in the market. After having acquired a portfolio volume of more than 40 million euro with five transactions, we are very pleased to be active on the sell side as well. The remaining three properties of the "sale portfolio" are on the market and I am confident we will be able to sell at least one more by the end of this year. Sales proceeds from the deals signed already shall be received in 2018 and enable us to expand and grow in 2019."
 

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.

Contact:
Coreo AG
Felix Krekel, CIIA
Investor Relations
Grüneburgweg 18
D-60322 Frankfurt a. M.
[email protected]
T: +49 69 219396-0