PREOS Real Estate AG sells 100,000 square metre property in Essen to SIGNA Group

Frankfurt am Main, 25.09.2020 - PEOS Real Estate (in future: PREOS Global Office Real Estate & Technology AG, ISIN: DE000A2LQ850, abbreviated "PREOS") has successfully sold a property with around 100,000 square metres of floor space in Essen-Bredeney to the SIGNA Group. The parties have agreed not to disclose the purchase price.

Among the tenants of the property on Theodor-Althoff-Strasse is the Galeria Karstadt Kaufhof Group, which has established its headquarters here. Another major tenant is furthermore the Essen Police, which recently concluded a 30-year lease and moved into the new facilities in mid August 2020. In recent years, the PREOS parent company, publity AG, has developed the property extensively in its capacity as asset manager and has successfully implemented an investment programme worth around EUR 80 million.

Legal support for the transaction on the PREOS side is provided by the law firm Simmons & Simmons and by the law firm McDermott Will & Emery on the SIGNA Group side.

Frederik Mehlitz, CEO of PREOS Real Estate: "The successful sale of the property in Essen illustrates the attractiveness of our portfolio. We recognise the development potential of real estate and use it successfully. The long-term tenancy agreement with the Essen Police Headquarters further illustrates the high value of the property. The sale demonstrates our highly profitable business model".

Timo Herzberg, CEO at SIGNA: "We are pleased that we now also include the headquarters of Galeria Karstadt Kaufhof in our portfolio. The previous owner completely renovated the property and transformed it into a modern office building. With the Essen Police Headquarters, another attractive tenant has recently moved in, who will use the property in the long term".
 

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About PREOS Real Estate AG
PREOS Real Estate AG (in future: PREOS Real Estate & Technology AG, "PREOS") is an active real estate investor focused on office properties. PREOS acts as an efficient management holding company. The acquisition focuses on office properties with development potential in German metropolitan regions. Value creation is generated by targeted asset management measures. Developed portfolio properties are sold in the event of adequate sales opportunities. The corporate strategy is to significantly expand the real estate portfolio through acquisitions in the coming years. The PREOS share (ISIN DE000A2LQ850) is listed in the over-the-counter segment m:access of the Munich Stock Exchange (PAG.MU) and on Xetra (PAG.DE). The company headquarters of PREOS is located in Leipzig.