DGAP-News: GORE German Office Real Estate AG sells commercial property in Neuss as part of focus on real estate investments

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DGAP-News: GORE German Office Real Estate AG / Key word(s): Real Estate/Disposal
GORE German Office Real Estate AG sells commercial property in Neuss as part of focus on real estate investments

18.11.2021 / 10:00
The issuer is solely responsible for the content of this announcement.

GORE German Office Real Estate AG sells commercial property in Neuss as part of focus on real estate investments

Frankfurt/Main, 18. November 2021 – GORE German Office Real Estate AG (“GORE”, ISIN: DE000A0Z26C8) has successfully sold a fully leased commercial property with a total leasable area of 3,210 square meters and 63 outdoor parking spaces. The parties have agreed not to disclose the purchase price or the buyer. The multi-tenant property is centrally located in the industrial area of Neuss and features the globally active automotive supplier Yanfeng Europe Automotive & Co. KG and the auditing company KPMG AG, the multi-tenant property has a solid tenant structure. The average lease term in the property is 5.4 years. The office property was built in 1993 and extensively renovated in 2017.

The sale of the property is part of GORE’s intended strategy in the course of the contribution of a Luxembourg real estate and real estate investment portfolio worth more than EUR 1 billion to the company (see ad hoc release dated October 19, 2021). Thus, GORE is planning a realignment with an investment focus on the attractive Luxembourg commercial real estate market. This is to be accompanied by a new appointment to the GORE Management Board as well as a change of name to “PREOS Luxembourg” and a change of domicile to Luxembourg. Furthermore, an additional listing of GORE shares on the Luxembourg Stock Exchange is envisaged.

About GORE
The GORE German Office Real Estate AG (“GORE”) is a dynamically growing real estate investor with a focus on office properties in German conurbations. Using a manage-to-core approach, GORE acquires properties in preferred locations at below market value wherever possible in order to sustainably enhance their value. Investment activities focus on properties with a market value of between EUR 1 and 15 million. Compared to other property sizes, this size class offers a less competitive market environment in terms of purchasing according to GORE estimates. GORE’s aim is to generate above-average value enhancement and return potential along the entire value chain, from acquisition through management to sale, together with its partners. The volume of the real estate portfolio is expected to be multiplied by acquisitions in the coming years.

Press Contact:

edicto GmbH
Axel Mühlhaus
Eschersheimer Landstraße 42
60322 Frankfurt am Main
Phone +49(0) 69/905505-52
Mail gore@edicto.de

18.11.2021 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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