Frankfurt 13 August 2020 –publity AG (Scale, ISIN DE0006972508) has successfully completed an approximately EUR 80 million conversion project on a property from its own group portfolio. The new police headquarters of the city of Essen started operations in the property on Theodor-Althoff-Strasse in Essen-Schuir on schedule on August 11th. As asset manager for the group subsidiary PREOS Real Estate, publity has developed the property in recent years using state-of-the-art technology and innovative materials to increase its value. In Essen, Germany, publity has gained a first-class tenant with the Essen Police Department, which has signed a 30-year lease. The relocation of the police from the old venue to the new presidium was accomplished at lightning speed in just three days.
The new police headquarters comprises an entire building section of around 25,5000 square metres of the total of approx. 100,000 square metres of lettable area of the property. Moreover, a new car workshop was created for the police and numerous parking spaces were created.
Thomas Olek, CEO of publity AG: “As asset managers, we are naturally very proud that we were able to hand over the ultra-modern premises, which meet the highest standards, to the Essen Police. Despite the Covid 19 pandemic, all planning worked perfectly. We are particularly pleased about the positive feedback given by the police. For our subsidiary PRREOS, in which publity holds around 86 percent, we were able to create sustainable property value through the new tenant with a long-term contract”.
Financial Press and Investor Relations:
Phone: +49 69 905505-52
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 completes refurbishment of 25,500 square metre area at corporate properties in Essen