DGAP-News: Coreo sells its first property from the Hydra portfolio

Coreo sells its first property from the Hydra portfolio

• Commercial property located in Trier
• Capital reflux increases financial flexibility
• Proof of value-creating growth strategy
• Earnings contribution demonstrates the potential of the Hydra portfolio

Frankfurt am Main, Germany - 10 October 2018 - Coreo AG has sold a commercial building in the immediate proximity to the UNESCO World Heritage Site Porta Nigra in Trier to Leitner Beteiligung GmbH, based in Grünwald. The parties have agreed not to disclose the details of the transaction.

The property belongs to the so-called "Hydra-portfolio" for which Coreo was awarded the contract in May.
In accordance with the value-creating growth strategy, the twelve former Commerzbank buildings located in prime inner-city locations were acquired by two subsidiaries with different investment strategies. The six of those properties Coreo has identified for short term resell, they were bundled in one of the two portfolio companies. The purchase prices achieved shall increase the financial flexibility of Coreo AG.

"With the sale of the property in Trier only a short time after the closing, we see ourselves on track to sell several properties from the Hydra portfolio by the end of the year. The notable contribution to earnings made by the deal proves the great potential of the portfolio", says Marin Marinov, CEO of Coreo AG.
 

About Coreo AG
Coreo AG, which has its registered office in Frankfurt am Main, is a dynamically growing real estate company with a focus on German commercial and residential properties. Investments are made in real estate with considerable potential for appreciation thru refurbishment and repositioning, preferred in A and B macro locations. The goal is to build up an efficiently managed, high-yielding real estate portfolio through prudent development and the sale of non-strategic properties.