DGAP-News: GORE German Office Real Estate AG: GORE German Office Real Estate AG successfully sells office property in Telgte

GORE German Office Real Estate AG successfully sells office property in Telgte

Frankfurt/Main, 16 January 2020 - GORE German Office Real Estate AG ("GORE"; ISIN DE000A0Z26C8), a real estate investor focusing on commercial real estate primarily in German conurbations, has successfully sold an office property in Telgte near Münster to an institutional real estate investor. The corresponding contract has been notarised and the transaction is expected to be closed by the end of February 2020. The parties have agreed not to disclose the selling price.

As part of GORE's transaction-based approach, the company's business model includes not only acquisitions to expand its real estate portfolio but also the sale of properties to realise upmarket values. The office building in Telgte that has now been sold was built in 2007 and has a rental area of 3083 square metres. The property also features 140 car parking spaces. The weighted average lease term (WALT) of the property amounts to around 13 years. The three-storey single-tenant office property is fully let and serves as a part of Takko Holding GmbH's headquarters.

Jörg Reinhardt, CEO of GORE: "We are very pleased with the successful sale of the office property in Telgte, as it is proof of the choice of location and the quality of the property. In accordance with our strategy, we have thus taken advantage of an emerging market opportunity. Notwithstanding this sale, GORE's focus is on further expanding its real estate portfolio. We want to continue to grow successfully and profitably and are building on our full pipeline.

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.

 

Press Contact:

Financial Press and Investor Relations:edicto GmbH
Axel Mühlhaus
Phone: +49 69 905505-52
Mail: gore@edicto.de