DGAP-News: Coreo acquires residential portfolio in North Rhine-Westphalia
DGAP-News: Coreo AG
/ Key word(s): Real Estate/Acquisition
Coreo acquires residential portfolio in North Rhine-Westphalia
Frankfurt am Main - 5 November 2019 - Coreo acquired a total of 272 apartments and a commercial unit from LEG in Wuppertal, Bielefeld, Gelsenkirchen and Lünen. The residential portfolio is almost completely rented. The special status of the properties as publicly subsidised ends in 2021 and 2024 respectively. The properties in Wuppertal and Bielefeld shall remain in the portfolio long term, held by a newly founded SPV (special purpose vehicle). Coreo acquired the properties in Gelsenkirchen and Lünen directly with the Coreo AG because the company anticipates additional development potential. The closing will take place at the beginning of the coming year in accordance with the sales and purchase contract. As a result, the property portfolio will generate revenue and earnings contributions for the first time in the business year 2020. The parties agreed not to disclose the acquisition price. "I am delighted about the acquisition of our first residential portfolio in the most populous German state. Here, we also see extremely interesting development opportunities for some properties, as we experienced with our residential portfolio in Göttingen and the Hydra portfolio. Furthermore, we want to exploit the opportunities offered by the local real estate market", explains Marin N. Marinov regarding the planned approach and looks forward to the continuation of Coreo's success story. About Coreo AG Coreo AG Felix Krekel, CIIA Investor Relations Grüneburgweg 18 D-60322 Frankfurt a. M. [email protected] T: +49 69 219396-0
05.11.2019 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. |
Language: | English |
Company: | Coreo AG |
Grüneburgweg 18 | |
60322 Frankfurt am Main | |
Germany | |
Phone: | +49 69 2193 96-0 |
Fax: | +49 69 2193 96-150 |
E-mail: | [email protected] |
Internet: | www.coreo.de |
ISIN: | DE000A0B9VV6 |
WKN: | A0B9VV |
Listed: | Regulated Unofficial Market in Berlin, Dusseldorf, Frankfurt (Basic Board), Hamburg, Munich, Stuttgart, Tradegate Exchange |
EQS News ID: | 903481 |
End of News | DGAP News Service |
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903481 05.11.2019