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DGAP-News DEMIRE Deutsche Mittelstand Real Estate AG: Landmark building CIELO gets new owner

Nachrichtenquelle: EQS Group AG
01.03.2021, 07:15  |  126   |   |   

DGAP-News: DEMIRE Deutsche Mittelstand Real Estate AG / Key word(s): Real Estate/Acquisition
DEMIRE Deutsche Mittelstand Real Estate AG: Landmark building CIELO gets new owner

01.03.2021 / 07:15
The issuer is solely responsible for the content of this announcement.



Landmark building CIELO gets new owner
DEMIRE acquires stake in office complex in Frankfurt am Main

Langen, 1 March 2021. CIELO, the prominent office complex at Theodor-Heuss-Allee 100-104 in Frankfurt am Main, will get a new owner in which RFR Group and DEMIRE Deutsche Mittelstand Real Estate AG will hold equal stakes.

DEMIRE has also contractually secured a purchase right for the entire building complex as part of the transaction. The total transaction is valued at over EUR 270 million. The parties expect the transaction to close in the second quarter of this year.

The assset, which was built in 2003 and extensively refurbished from 2018 to 2020, is leased to the Commerzbank AG on a long-term basis. Cielo comprises around 37,000 sqm of total space and offers modern technical equipment as well as contemporary space layouts. The location is within walking distance of the Frankfurt Trade Fair and on one of the main roads of the city.

"With this transaction, we are consistently continuing DEMIRE's realignment. We expect this transaction to generate an average FFO I contribution* of around EUR 5 million per annum in the coming years. In addition, we have the option to fully acquire the building complex from our partner RFR in five years on terms already agreed," comments Ingo Hartlief, Chairman of the Management Board of DEMIRE AG.

Dr. Alexander Koblischek, Managing Director of RFR Management GmbH, adds: "We are pleased to have DEMIRE as a strong partner from the region for this exciting property. After full occupancy and comprehensive refurbishment by RFR, we are now looking forward to the next chapter of Theodor-Heuss-Allee."

***

*after taxes, before minorities

About RFR

RFR Holding GmbH is part of the RFR Group of two German-born real estate investors, Aby Rosen and Michael Fuchs. Currently, the RFR Group manages real estate assets of over EUR 15 billion in the USA and Germany, of which approx. EUR 5 billion are in Germany. RFR Management GmbH, based in Frankfurt/Main, is responsible for the property and asset management of the RFR Group's real estate portfolio of over 1,000,000 m² in Germany.

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DEMIRE Deutsche Mittelstand Real Estate Aktie jetzt über den Testsieger (Finanztest 11/2020) handeln, ab 0 € auf Smartbroker.de



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DGAP-News DEMIRE Deutsche Mittelstand Real Estate AG: Landmark building CIELO gets new owner DGAP-News: DEMIRE Deutsche Mittelstand Real Estate AG / Key word(s): Real Estate/Acquisition DEMIRE Deutsche Mittelstand Real Estate AG: Landmark building CIELO gets new owner 01.03.2021 / 07:15 The issuer is solely responsible for the content of …

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