Coreo pursues growth course with logistics property

Coreo pursues growth course with logistics property

• Total rental area approx. 29,900 m²
• Annual rental income EUR 0.5 million

Frankfurt am Main, 7. September 2021 - Coreo pursues its growth course with the third acquisition this year. A logistics property with a total rental area of approx. 29,900 sqm was now acquired in Delmenhorst via a 100% subsidiary. There are also 190 parking spaces available on the approx. 54,700 m² property. The property is let to several parties and currently generates an annual rent of EUR 0.5 million and is planned to remain in the portfolio for the long term.

The Management Board believes that the property, which is conveniently located in terms of transport, has a noticeable potential for value appreciation, which will be developed in the next few years by means of active area management. In this context, Coreo plans to invest an amount of less than one net annual rent in the portfolio. Furthermore, potential possibilities for the use of the roof areas are being evaluated.
It is expected that the closing will still take place in the current quarter. The parties agreed not to disclose the purchase price.

"We succeeded in approximately doubling our real estate assets within a short period of time with this year's acquisitions and not least with the acquisition of the logistics property in Delmenhorst" Marin N. Marinov, CEO of Coreo AG, is satisfied and is already looking forward again: "We want to keep the pace of growth high beyond 2021 together with our new major shareholder".
 

About Coreo AG
Coreo AG, with headquarters in Frankfurt am Main, is a portfolio developer with a focus on German commercial and residential real estate. The real estate portfolio of existing and development properties forms the cornerstone of the company's three pillars of income: income from letting, sales and valuation. Investments are made in real estate with considerable potential for value appreciation with existing development needs, preferably in medium-sized centres and with a volume of EUR 5-20 million, as part of the value-creating growth strategy (sweet spot). The objective is to create an efficiently managed, high-yield real estate portfolio with a volume of EUR 400 - 500 million over the next few years by means of prudent development and the sale of non-strategic objects.