Frankfurt/Main, 25/09/2020 – publity AG (Scale, ISIN DE0006972508) is pleased to announce the sale of a property with approx. 100,000 square metres of lettable space in Essen from the group’s own portfolio. The subsidiary PREOS Real Estate AG has now sold the fully let property acquired in mid-2019 to the SIGNA Group. The parties have agreed not to disclose the purchase price. The main tenants of the property on Theodor-Althoff-Strasse include the headquarters of the Galeria Karstadt Kaufhof Group and the Essen Police Headquarters. Under the aegis of publity as asset manager, the Essen Police Department concluded a 30-year tenancy agreement and moved into the new facilities in mid-August this year. In recent years, publity has developed the property extensively in terms of value and has successfully implemented an investment programme of around EUR 80 million.
Legal support for the transaction will be provided by the law firm Simmons & Simmons on the publity Group side and by the law firm McDermott Will & Emery on the SIGNA Group side.
Thomas Olek, CEO of publity, comments: “The transaction reflects the strength of the publity group almost ideally. We are capable of finding attractive properties and acquiring them at good prices. We then increase the value of the properties further as asset managers so that we can create an exit at lucrative prices. Once again, PREOS as portfolio holder and publity as asset manager have perfectly cooperated within the Group”.
Timo Herzberg, CEO at SIGNA: “We are pleased that we now also include the headquarters of Galeria Karstadt Kaufhof in our portfolio. The previous owner completely renovated the property and transformed it into a modern office building. With the Essen Police Headquarters, another attractive tenant has recently moved in, who will use the property in the long term”.
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publity AG (“publity”) is an asset manager and investor specialised in office real estate in Germany. The company covers the core of the value chain from the acquisition to the development and the sale of real estate. With over 1,100 transactions in the past seven years, publity is one of the most active players in the real estate market. Currently, the company manages a portfolio with a value of over five billion euros. publity is characterized by a sustainable network in the real estate industry and in the Work-Out departments of financial institutions. With very good access to investment funds, publity handles transactions rapidly with a highly efficient process and proven partners. On a case-by-case basis, publity participates as co-investor in joint venture transactions to a limited extent. The shares of publity AG (ISIN DE0006972508) are traded on the Scale segment of Deutsche Börse.
publity AG PREOS Real Estate AG sells 100,000 square meter property in Essen-Bredeney to SIGNA