Frankfurt 28 February 2020 — publity AG (Scale, ISIN DE0006972508) has reached another milestone in the further development of the Karstadt headquarters in Essen. More than half of the planned reconstruction measures for the Essen police force have now been completed, so that the target date for the police to move in by August 2020 will be met.
publity had acquired the approx. 100,000 square meter Karstadt headquarters in Essen-Bredeney in 2019 for its own property portfolio. The main tenants are the department store chain Karstadt with a lease agreement until 2028 for an area of around 38,000 square meters and the Essen police force, whose tenancy agreement for an area of around 26,800 square meters runs until 2048.
The reconstruction measure for the Essen police force includes the core refurbishment of parts of the building and the new construction of various functional buildings, such as carports or a motor vehicle workshop. Construction work started in March 2019 and will be completed as scheduled in mid 2020.
Thomas Olek, CEO of publity AG: «With the roofing ceremony for the Essen police garage, we have now reached another stage of the reconstruction measures with which we are very well on schedule overall. The experience of the general contractor Zechbau, whom we have contracted for this project, also has a positive effect».
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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 progresses according to plan with reconstruction for the Police Essen