FRANKFURT, Germany, March 10, 2021 (GLOBE NEWSWIRE) -- GORE German Office Real Estate AG ("GORE"; ISIN DE000A0Z26C8), a real estate investor focused on commercial properties primarily in German metropolitan areas, has successfully sold an office complex with a leasable area of just under 3,000 square meters in Unterschleißheim near Munich to a Berlin-based company specializing in construction development. During the nearly two-year holding period, GORE was able to significantly increase rental income and the value of the property through various measures. Among other things, GORE was able to sign long-term leases with two new tenants. In addition, a lease agreement was negotiated with another interested party close to being ready for signature. Finalization of the negotiations was passed on to the new owner.
The office property in Unterschleissheim near Munich was built in 2000/2001 and has a rental area of 2958 square meters. The property also includes 48 parking spaces. The main tenants include Compumess Elektronik and Förderstätte Perspektive. The parties have agreed not to disclose the sale price.
"In cooperation with our experienced partners, we were able to optimize the property in Unterschleißheim thanks to efficient asset management, leverage value potential and successfully sell it within a holding period of less than two years," says Jörg Reinhardt, CEO of GORE. "Even though the sale of individual properties to realize upscale values is an integral part of our strategy, we plan to significantly expand our real estate portfolio in the coming years. With a view to our bulging pipeline, we are confident that we will continue to be able to exploit opportunities in the real estate market and generate added value."
About GORE
The GORE German Office Real Estate AG ("GORE") is a dynamically growing real estate investor with a focus on office properties in German conurbations. Using a manage-to-core approach, GORE acquires properties in preferred locations at below market value wherever possible in order to sustainably enhance their value. Investment activities focus on properties with a market value of between EUR 1 and 15 million. Compared to other property sizes, this size class offers a less competitive market environment in terms of purchasing according to GORE estimates. GORE's aim is to generate above-average value enhancement and return potential along the entire value chain, from acquisition through management to sale, together with its partners. The volume of the real estate portfolio is expected to be multiplied by acquisitions in the coming years.
Media Contacts -
Financial Press and Investor Relations:
GORE German Office Real Estate AG
Axel Mühlhaus
Phone: +49 69 905505-52
Mail: gore@edicto.de
Official Email - info@gore-ag.de
www.gore-ag.de
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