PREOS Real Estate AG multiplies consolidated net income 2019 eightfold to around EUR 66 million and plans further portfolio expansion
 

Leipzig, 13 May 2020 - According to final audited figures, PREOS Real Estate AG ("PREOS", ISIN DE000A2LQ850) has increased its consolidated net profit for the 2019 fiscal year to EUR 66.3 million, a more than eightfold increase on the previous year. In 2018, the consolidated net income was EUR 8.2 million. Earnings before interest and taxes (EBIT) increased nearly tenfold to EUR 106.4 million in the reporting period from EUR 10.9 million a year earlier. Equity also increased significantly compared with the previous year's reporting date to EUR 256.5 million from EUR 28.6 million at the end of 2018.

The leap in profits in 2019 resulted mainly from the strong expansion of the property portfolio. Since the beginning of 2019, German office properties with a market value of around EUR 1 billion have been acquired, with the closing of individual transactions being completed in the first few months of 2020. At the same time, market opportunities were exploited in the reporting period and two properties were sold at very attractive conditions. The PREOS real estate portfolio currently comprises 19 properties with a total rental space of around 313,000 square meters and has a total volume of EUR 1.1 billion.

Frederik Mehlitz, CEO of PREOS Real Estate AG comments: "2019 was an excellent year for our company and we are convinced that we will continue to dynamically expand our property portfolio even in the market environment shaped by Covid-19. We continue to see very good opportunities in our target market - top properties in top German cities. We have a well-filled deal pipeline and an excellent market position. We also consider the market segment in which we are active to be stable above average and also offers potential for further sales".

The Annual Report 2019 of PREOS Real Estate AG is available for download on the website in the Investor Relations section.
 

About PREOS Real Estate AG

PREOS Real Estate 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.
 

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