Frankfurt 14/01/2020 — publity AG (Scale, ISIN DE0006972508), an investor and asset manager focusing on office properties in Germany, is expanding its own real estate portfolio bundled in its subsidiary PREOS Real Estate AG. The purchase agreement for the Westend Carree in Frankfurt am Main has now been notarised — the closing of the transaction is expected at the end of January. It has been agreed not to disclose details of the purchase price.
The modern property in the direct vicinity of downtown Frankfurt has a total rental space of 30,550 square meters and a diversified tenant mix of renowned national and international tenants, including the Max Planck Institute and the investment bank Natixis. The property is 91 percent let, the average remaining term of the rental agreements (WALT) is approximately 4 years.
The Westend Carree was built from 1987 to 1989 and extensively renovated in 2009 and 2010. The striking building with its glass and natural stone façade and landscaped courtyards consists of three building sections, each with six to eight storeys, and offers a flexible division of space. It has an underground car park and three separate entrance areas, each with its own lobby and 13 elevators.
Thomas Olek, CEO of publity: «Shortly after the purchase agreement for the 28,000 square meter property Centurion was signed, another ultramodern property in Frankfurt am Main, Westend Carree, was acquired. This is further proof of our transaction strength and our excellent network».
The off-market transaction was arranged by Oceans & Company. Furthermore, publity was advised by the law firm Simmons & Simmons on the purchase of the property.
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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 acquires Westend Carree in FrankfurtMain