Coreo AG continues expansion

• Acquisition of a completely let logistics property in Haßloch
• Approx. 10,000 sqm rental space, WALT > 3 years and
• Acquisition of a plot of land with potential for residential development in Wiesbaden

Frankfurt am Main - 28 September 2020 - By acquiring a logistics property in Haßloch, Rhineland-Palatinate, Coreo continues its expansion course. The property has a rental area of around 10,000 sqm and a plot size of around 25,000 sqm and is leased until mid-2024 to a well-known manufacturer of sporting goods. The overall investment will amount to EUR 3.4 million, including the planned investments in technical building equipment. After completion of the measures the return on investment will reach a level typical for the company.

Furthermore, Coreo acquired a plot of land of around 12,000 sqm in Wiesbaden, the state capital of Hesse. The precise extent of the development potential of the property, which is designated as residential land in the land use plan, will be defined in a B-Plan procedure. The parties agreed not to disclose the acquisition price.

The closing for both properties is scheduled for 2020.
 

About Coreo AG
Coreo AG, with headquarters in Frankfurt am Main, is a portfolio developer with a focus on German commercial and residential real estate. The real estate portfolio of existing and development properties forms the cornerstone of the company's three pillars of income: income from letting, sales and valuation. Investments are made in real estate with considerable potential for value appreciation with existing development needs, preferably in medium-sized centres and with a volume of EUR 5-20 million, as part of the value-creating growth strategy (sweet spot). The objective is to create an efficiently managed, high-yield real estate portfolio with a volume of EUR 400 - 500 million over the next few years by means of prudent development and the sale of non-strategic objects.


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