19.11.2019 PREOS Real Estate AG  DE000A2LQ850

DGAP-News: PREOS Real Estate AG: Launch of subscription for 7.5% convertible bond to finance growth


 

DGAP-News: PREOS Real Estate AG / Key word(s): Issue of Debt
PREOS Real Estate AG: Launch of subscription for 7.5% convertible bond to finance growth
19.11.2019 / 09:03
The issuer is solely responsible for the content of this announcement.


THE INFORMATION CONTAINED IN THIS DOCUMENT IS NOT INTENDED FOR PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, TO, WITHIN OR FROM THE UNITED STATES OF AMERICA OR ANY OTHER COUNTRY WHERE SUCH PUBLICATION OR DISTRIBUTION WOULD BE CONTRARY TO THE LAWS OF THAT COUNTRY.

PREOS Real Estate AG: Launch of subscription for 7.5% convertible bond to finance growth

- Public offering in Germany presumably until 4.12.2019

- Total issue volume of up to EUR 300 million

- Five-year term, repayment at 105.0 % at the end of term

- Initial conversion ratio at EUR 9.90

- Issue proceeds to be used for further expansion of real estate portfolio

Leipzig, 19 November 2019 - The 7.5% convertible bond 2019/2024 (ISIN DE000A254NA6) of PREOS Real Estate AG ("PREOS") can be subscribed as of today. The total issue volume of the convertible bond (including the pre-placement) totals up to EUR 300 million. Investors are expected to be able to place subscription orders with a nominal value of EUR 1,000 or more via the "DirectPlace" subscription functionality of Deutsche Börse AG until December 4, 2019, thereby securing fixed interest rates of 7.50 percent per annum for five years. In addition, if they do not exercise their conversion right in PREOS shares, they will receive 105.0 percent of the nominal amount per bond as repayment at maturity. The inclusion of the convertible bond in exchange trading on the Open Market of the Frankfurt Stock Exchange is planned from 9 December 2019.

An example of this: For an investment of EUR 1,000, the investor receives EUR 75 interest over five years and a repayment of EUR 1,050 at the end of 2024. However, the investor also has the option of converting his bond into PREOS shares during the conversion periods. For each bond with a nominal value of EUR 1,000, the investor would receive - based on the initial conversion price of EUR 9.90 - 101 PREOS Shares. The PREOS share is currently quoted at EUR 9.05 (closing price Xetra on 18.11.2019).
 

High-yield office real estate portfolio in top German locations

PREOS, the strong German office real estate investor, invests in high-yield properties in top German locations where the company expects the most stable values in the future. The investment volume per individual property ranges well into the three-digit million euro range. The use of sales opportunities where real estate can be sold at a profit is part of the business model. The real estate portfolio currently owned by PREOS has a value of over EUR 497 million confirmed by an expert opinion. Purchase agreements have already been signed for further properties with a value of around EUR 269 million determined by an expert opinion. PREOS relies on the long-standing expertise and comprehensive market database of the asset manager publity AG, which has been tied to the company for many years, for transactions and for the performance of office properties.
 

German office real estate market with strong performance

The German office real estate market has been characterised by strong demand for space for years. Last year alone, there was an additional space requirement of around 2.9 million square metres. For the seventh year in succession, the vacancy rate fell to only 5.2 percent. For the current year, a further increase of around 2 million square metres in the use of space throughout Germany is expected, and experts predict that the positive trend will continue in the coming years (Source: Deutsche Bank Research). A clear majority of market participants regard Germany - also in comparison to other European countries - as an attractive to very attractive location for real estate investments. According to the market participants, the basis for this assessment is not only the unchanged good framework conditions for investments in Germany, but also the potential that Germany can exploit due to its strong position in the European Union (Source: Ernst & Young Real Estate GmbH, trendbarometer real estate investment 2018, p. 13).
 

Further expansion of real estate portfolio planned

The real estate portfolio of PREOS is to be significantly expanded in the coming years. The funds from the convertible bond will also be used for this purpose.
 

Subscription Offer for PREOS Shareholders

At the same time, the subscription offer (in Germany) for PREOS shareholders will also start today and end on 2 December 2019. The issue and subscription price each correspond to 100 % of the nominal amount of 1,000.00 per bond.
 

publity has already subscribed bonds worth EUR 107.80 million

Within the framework of a pre-placement against contribution in kind, the majority shareholder of PREOS, publity AG, has already subscribed to bonds with a nominal value of approximately EUR 107.8 million and, in return, has contributed loan claims against the PREOS subsidiary publity Investor GmbH with a nominal value of approximately EUR 113 million to PREOS. Remaining bonds which may not have been subscribed for under the subscription offer and the general public offering will be offered for subscription to selected qualified investors in a private placement.

The relevant securities prospectus for the general public offering and the subscription offer, which has been approved by the German Federal Financial Supervisory Authority (BaFin), can be downloaded from the PREOS website (www.preos.de) under "Investor Relations". The following notices must also be observed.
 

Disclaimer

This publication does not constitute an offer. In particular, it does not constitute a public offer to sell or an offer or a solicitation of an offer to purchase, purchase or subscribe for any bonds, shares or other securities. The offer is governed exclusively by the securities prospectus approved by the Federal Financial Supervisory Authority (BaFin) on 15 November 2019 and published on the website of PREOS Real Estate AG (www.preos.de) in the "Investor Relations" section and the subscription offer published in the Federal Gazette on 18 November 2019. Only the securities prospectus and the subscription offering contain the information for investors required by law.

Investors are advised to read the securities prospectus, which has been audited for completeness, coherence and comprehensibility by the German Federal Financial Supervisory Authority (BaFin), as published on the website of PREOS Real Estate AG (www.preos.de) in the "Investor Relations" section before deciding to acquire or dispose of bonds or shares of PREOS Real Estate AG in order to fully understand the potential risks and opportunities of the investment decision, and to make an investment decision only using all available information about the Company after consulting with its own lawyers, tax advisors and/or financial advisers. It should be noted that approval of the Prospectus by BaFin is not to be construed as an endorsement of the relevant securities.

The securities mentioned in this publication are a product that is not simple and may be difficult to understand.

A public offering of the securities mentioned in this publication will be made exclusively on the basis of and in accordance with the securities prospectus and only in the Federal Republic of Germany. In particular, neither a public offering nor a solicitation of an offer to purchase securities in the United States of America, Japan, Canada, New Zealand or Australia will be made.

The securities mentioned in this publication have not been and will not be registered under the United States Securities Act of 1933 (the "Securities Act") or the securities laws of any state of the United States of America and may not be admitted to trading in or into the United States of America or into or on behalf of or for the account or benefit of a U.S. person or entity.The securities may not be offered, offered, sold, pledged, transferred or delivered (directly or indirectly) to, or for the account or benefit of, any person (as such term is defined in Regulation S under the Securities Act) absent registration or an exemption from, or pursuant to an exemption from, the registration requirements of the Securities Act or a transaction not subject to the registration requirements of the Securities Act and in any event in accordance with the securities laws of any state of the United States.

This publication may contain future-oriented statements. Future-oriented statements are all statements that do not refer to historical facts or events. This applies in particular to statements about the intentions, beliefs or current expectations of the Company with respect to its future financial performance, plans, liquidity, prospects, growth, strategy and profitability as well as the economic environment in which the company operates. The future-oriented statements are based on current estimates and assumptions made by the company to the best of its knowledge. However, such forward-looking statements are subject to risks and uncertainties because they relate to future events and are based on assumptions that may not occur in the future. The company is not obliged to update or modify the future-oriented statements contained in this publication to reflect events or circumstances occurring after the date of this publication, unless they contain insider information subject to publication requirements.
 

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]



19.11.2019 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: PREOS Real Estate AG
Landsteinerstraße 6
04103 Leipzig
Germany
Phone: 0341 261787790
E-mail: [email protected]
Internet: www.preos.de
ISIN: DE000A2LQ850
WKN: A2LQ85
Listed: Regulated Unofficial Market in Frankfurt, Munich
EQS News ID: 915879

 
End of News DGAP News Service

915879  19.11.2019 

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Die wichtigsten Finanzdaten auf einen Blick
  2017 2018 2019 2020 2021 2022 2023e
Umsatzerlöse1 0,18 0,70 14,39 90,27 139,55 0,00 0,00
EBITDA1,2 2,02 2,90 18,41 97,43 11,27 0,00 0,00
EBITDA-Marge3 1.122,22 414,29 127,94 107,93 8,08 0,00
EBIT1,4 2,02 10,92 106,40 93,88 -11,93 0,00 0,00
EBIT-Marge5 1.122,22 1.560,00 739,40 104,00 -8,55 0,00 0,00
Jahresüberschuss1 1,84 8,25 66,31 83,88 -24,48 0,00 0,00
Netto-Marge6 1.022,22 1.178,57 460,81 92,92 -17,54 0,00 0,00
Cashflow1,7 -1,19 22,48 -9,20 86,68 11,27 0,00 0,00
Ergebnis je Aktie8 0,05 0,09 1,37 0,77 -0,22 -1,87 -0,15
Dividende8 0,00 0,00 0,00 0,00 0,00 0,00 0,00
Quelle: boersengefluester.de und Firmenangaben

  Geschäftsbericht 2022 - Kostenfrei herunterladen.  
1 in Mio. Euro; 2 EBITDA = Ergebnis vor Zinsen, Steuern und Abschreibungen; 3 EBITDA in Relation zum Umsatz; 4 EBIT = Ergebnis vor Zinsen und Steuern; 5 EBIT in Relation zum Umsatz; 6 Jahresüberschuss (-fehlbetrag) in Relation zum Umsatz; 7 Cashflow aus der gewöhnlichen Geschäftstätigkeit; 8 in Euro; Quelle: boersengefluester.de

Wirtschaftsprüfer: Grant Thornton

INVESTOR-INFORMATIONEN
©boersengefluester.de
PREOS Global Office
WKN Kurs in € Einschätzung Börsenwert in Mio. €
A2LQ85 0,056 - 6,35
KGV 2025e KGV 10Y-Ø BGFL-Ratio Shiller-KGV
0,00 6,90 0,00 -1,87
KBV KCV KUV EV/EBITDA
0,64 0,56 0,05 23,81
Dividende '22 in € Dividende '23e in € Div.-Rendite '23e
in %
Hauptversammlung
0,00 0,00 0,00 22.09.2023
Q1-Zahlen Q2-Zahlen Q3-Zahlen Bilanz-PK
22.09.2022 30.08.2023
Abstand 60Tage-Linie Abstand 200Tage-Linie Performance YtD Performance 52 Wochen
-55,56% -89,31% -73,46% -97,83%
    
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