Coreo AG acquires stake in St Martin Tower in Frankfurt a. M.

Frankfurt am Main - 8 October 2019 - Coreo AG acquired a stake in the Frankfurt office real estate "St Martin Tower" by way of an off-market share deal as part of a joint venture with Barings Real Estate, the real estate platform of Barings LLC, one of the world's largest real estate investment managers. The property is part of publity AG's portfolio.

With a stake of 10.1%, Coreo assumes the role of junior partner and is thus taking the first step into a market segment that is currently being created due to the planned legislative change for share deals in Germany and should continue to develop dynamically over the next few years.

The 26,000 square metre office complex, located in a very good location in Frankfurt's City West, is almost completely let to tenants all with a good credit rating. The real estate consists of two connected building parts, the "Tower" with 18 floors and the "Wing" with seven floors and has 397 parking spaces. The parties agreed not to reveal the purchase price. The closing of the transaction is scheduled for 2019.

Marin N. Marinov, CEO of Coreo AG: "We are pleased to have been able to acquire the most prominent real estate in Frankfurt's City West together with such a significant and experienced investor. We and our senior partner Barings, who holds an 89.9% stake, see sustainable potential for optimising the property and increasing its value. We want to jointly exploit this potential over the next few years. By expanding our existing corporate strategy, we at Coreo see the exciting opportunity to position ourselves as a professional, financially strong and reliable junior partner in the market for similar, large transactions in the future".
 

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