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Coreo acquires manufacturing sites and administrative facilities from German automotive supplier …


DGAP-News: Coreo AG / Key word(s): Real Estate
08.07.2021 / 09:00
The issuer is solely responsible for the content of this announcement.

Coreo acquires manufacturing sites and administrative facilities from German automotive supplier listed on stock exchange

Frankfurt am Main, 8 July 2021 – Via a 100 % subsidiary, Coreo took over two manufacturing sites and the administrative headquarters of a well-known German automotive supplier listed on the stock exchange. Two manufacturing sites and the administrative headquarters were leased from the seller as part of the sale and lease back transaction. The triple net leases have a term of 10 and 3 years. In addition, there are renewal options of three times 5 years and three times 1 year, respectively. The leases generate annual rental income of more than EUR 700,000 for Coreo.
The properties are located in the German Baden-Württemberg, North Rhine-Westphalia and Thuringia and have a total rental area of around 14,400 m². The greater part of approx. 10,700 m² is used for manufacturing. The other areas are used for the administrative headquarters and offices at the two manufacturing sites.
The properties are in an exceptionally good state of maintenance and do not require any investment in the foreseeable future. They also have excellent transport connections and can be easily used by third parties. The closing is still scheduled in the third quarter of 2021. The parties agreed not to disclose the purchase price.

Marin Marinov, Chairman of the Board of Coreo AG, has an optimistic view of the future: “By means of the corporate financing concluded at the end of 2020 and fully disbursed in March, we created the financial basis for Coreo’s further growth. Today, we made use of this for the first time. Furthermore, we are highly confident that, after intensive preliminary work, we will soon be able to carry out additional acquisitions and thus increase the volume of our real estate portfolio to more than 100 million euros.”
 

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About Coreo AG
Coreo AG, with headquarters in Frankfurt am Main, is a dynamically growing real estate company with a focus on German commercial and residential real estate. The company invests in properties with significant potential to increase in value where there is a requirement for development, preferably in medium-sized centres. The objective is to build up an efficiently managed, high-yield property portfolio.

Contact:
Coreo AG
Andrea Glaab
Investor Relations
Grüneburgweg 18
D-60322 Frankfurt a. M.
ir@coreo.de
T: +49 (0) 69-21 93 96-0

08.07.2021 Dissemination of a Corporate News, transmitted by DGAP – a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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