PREOS Group Purchased Commercial Property in Essen, North Rhine Germany in 2019 Below Market Then Closed Sale to Signa Group in 2020 for 25% Net Profit

LEIPZIG, GERMANY / ACCESSWIRE / February 5, 2021 / PREOS Global Office Real Estate & Technology AG (FRA:PAG)(XETRA:PAG).

Frederik Mehlitz, CEO of PREOS “The Essen transaction is a showcase deal for how we add value to our shareholders. Our deep-data based analytics allows us to identify hidden value faster than traditional approaches and we are experienced acquisition specialists.” This asset sale highlights the strength of the PREOS Group: sourcing attractive assets at favorable terms, driving the value of such assets as asset manager and ultimately achieving a profitable exit. Our “TA2” commercial property in Essen is an excellent example: In mid-2019, PREOS acquired the asset below market. The Company immediately launched an asset management program investing approximately 80 MILLION EUROS with the goal of reducing the property’s full vacancy, and further to enhance its value for resale. PREOS substantially leased up the property in less than one year-anchor tenants now include Galeria Kaufhof, a major German department store chain that uses the asset for its headquarters. The property also includes the headquarters of the Police of the City of Essen, who signed a 30-year long term lease. In December 2020, PREOS successfully closed the Essen property sale with Signa Group, an Austria based real estate group with assets of 18 billion euros, for an undisclosed purchase price.

About PREOS Global Office Real Estate & Technology AG
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 are located in Leipzig.

Contact: Axel Mulhaus edicto GmbH

Phone: +49 69 905505-52
Mail: preos@edicto.de

SOURCE: PREOS Global Office Real Estate & Technology AG

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