April 28, 2021
PREOS sells Frankfurt's WestendCarree to French Ardian
Leipzig, 28.04.2021 - PREOS Global Office Real Estate & Technology AG ("PREOS", ISIN DE000A2LQ850) has sold the WestendCarree office complex in Frankfurt/Main after developing the property successfully. The property with a total lettable area of 30,550 square metres will be acquired by the French investment company Ardian from the portfolio of PREOS; both parties have agreed not to disclose financial details.
Renowned tenants of the property include the Max Planck Society for the Advancement of Science (Max-Planck-Gesellschaft zur Förderung der Wissenschaft e.V.) and the personnel provider Michael Page. Including two new tenants who will move into the property as of this summer, the occupancy rate is 84.6%. WestendCarree is located in a sought-after location in the banking metropolis of Frankfurt/Main and is equipped with top facilities in terms of digital infrastructure and connectivity. This is demonstrated, among other things, by the latest gold certification from WiredScore, which PREOS received in early April.
"This transaction is in line with the PREOS approach and reflects: Even during the Corona pandemic, we succeeded in developing a high-potential property such as WestendCarree systematically and profitably. In addition, we have committed strong tenants and are now selling the property to a reliable partner. I am particularly pleased to already close the second important transaction with Ardian as a partner after the sale of the Wappenhalle in Munich in 2017" said Frederik Mehlitz, CEO of PREOS.
The transaction was handled by publity AG on behalf of PREOS. Legal advisor to PREOS was White & Case. The law firm Herbert Smith Freehills acted on the buyers' side.
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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. Added value is generated, among other things, through targeted measures by the asset manager and majority shareholder publity AG. 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.