February 11, 2021
PREOS Global Office Real Estate & Technology AG signs 5-year lease extension with The Max Planck Institute for “Westend Carree” in Frankfurt
Leipzig, 11 February 2021 – PREOS Global Office Real Estate & Technology AG ("PREOS", ISIN DE000A2LQ850) signs 5-year lease extension with The Max Planck Institute for “Westend Carree” in Frankfurt’s up-market Westend district an ultra-modern office complex, generating a cumulative rental value for the Company of approx 7 million Euros on over 30,000m2 (330,000 sq. ft)
Earlier in February this year, PREOS closed a 5-year lease extension with the internationally acclaimed research institute and core tenant, the Max Planck Institute, for part of the Company’s “Westend Carree” premises.
PREOS acquired Westend Carree in January 2020. With an immediate drive to improve and secure long-term occupancy PREOS successfully signed international software developer, Gunzilla in late Summer 2020, following up now with the successful Max Planck signing. PREOS’ proven ability swiftly to provide tenant-desired fit-out helped seal both these exciting acquisitions.
Westend Carree is a high profile major multi-tenant asset in the Frankfurt market, located in the heart of the city, in the upmarket Westend district. It was built from 1987 to 1989 and extensively renovated in 2009 and 2010. The striking building with its glass and natural stone façade and landscaped courtyards consists of three building sections, each with six to eight storeys, and offers a flexible division of space. It has an underground car park and three separate entrance areas, each with its own lobby and 13 elevators. Further enhancements are being made to Westend Carree’s already high-end spec, to secure its leading position within Frankfurt’s vibrant commercial real estate market, targeting the highest environmental and digital standards.
The Max Planck Institute, and Gunzilla add to an existing high credit, diverse, national and international tenant roster comprised of leading names from healthcare, research and financial sectors including: Emirates, NATIXIS, The Financial Times and 360 Treasury Systems.
Westend Carree again showcases the ability of the PREOS team to identify and execute decisively on commanding market opportunities, strengthening the Company’s overall asset base, substantially benefiting the Company’s tenants and investors.
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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 is located in Leipzig.