Frankfurt, 03.02.2021– publity AG (Scale, ISIN DE0006972508, “publity”) has successfully sold an attractive property in Duisburg to WIP Dresden GmbH in its position as asset manager. The parties have agreed not to disclose the purchase price. The office building with a total rental area of more than 3,700 square metres is centrally located in Duisburg and features a solid multi-tenant structure. The architecturally striking building, designed by the renowned British architect Sir Norman Foster, is also known as the “House of Economic Development”.
Since acquiring the property in 2016, publity has been able to increase the occupancy rate from 22 percent to the current 85 percent. The office property is in the asset portfolio of GORE German Office Real Estate AG (ISIN DE000A0Z26C8), an indirect subsidiary of publity AG. The transaction was accompanied by the Berlin-based real estate consultancy Neopolis Advisory.
Frank Schneider, Executive Board member of publity: “In the past few years, we have successfully developed the well-known property in Mülheimer Straße in Duisburg. Within around four years, we have succeeded in significantly expanding the tenant structure in the office building and increasing rental income as a result.”
Financial Press and Investor Relations:
Axel Mühlhaus/ Svenja Liebig
Phone: +49 69 905505-56
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 sells Norman Foster property in Duisburg