Mittwoch, 26. Oktober 2016

  • Pressemitteilung BoxID 545899

DEMIRE acquires Kurfürstengalerie in Kassel

(lifePR) (Frankfurt/Main, ) Today, the Executive Board of DEMIRE Deutsche Mittelstand Real Estate AG ("DEMIRE", ISIN DE000A0XFSF0) concluded a contract to purchase a 94.9% interest in Kurfürster Galerie GmbH, the owner of the Kurfürsten Galerie in Kassel. The retail property, located directly across from the "City-Point Kassel Einkaufszentrums" in the centre of Hesse's third largest city, has a total rental space of approximately 21,000 m². The property includes the largest parking garage in the northern inner city of Kassel with approximately 600 parking spaces. The commercial property, which was Kassel's first shopping centre in 1991, has a net rent, excluding utilities, of around EUR 3.9 million. DEMIRE aims to reduce the current vacancy rate of 6% by carrying out investments. The tenants include a hotel, casino, retail and office space as well as doctors' practices. By acquiring the GmbH, DEMIRE also intends to assume the existing long-term loans at attractive interest conditions, which are below DEMIRE's average refinancing costs. With this transaction, DEMIRE will acquire its first retail project and thus extend the focus of its overall portfolio to include a third asset class next to office and logistics properties. In addition, DEMIRE gains access to a management unit specialised in centre management. The parties agreed not to disclose the purchase price or any additional details. The closing of the contract is subject to the consent of DEMIRE's Supervisory Board and the approval of the bank financing Kurfürster Immobilien GmbH, among others.


The information in this release contains forward-looking statements that are subject to various risks and uncertainties. Such forward-looking statements are based on current forecasts, expectations and estimates of DEMIRE's Executive Board at the time of their publication. Such statements constitute neither promises nor guarantees and are subject to various known and unknown risks and uncertainties, some of which are beyond DEMIRE's influence. These risks and uncertainties may lead to actual results differing materially from statements that are mentioned herein. DEMIRE accepts no obligation to update or adjust the forward-looking statements contained in this release to reflect events or circumstances after the date of this release.

Über DEMIRE Deutsche Mittelstand Real Estate AG

Leading holder of commercial real estate

DEMIRE Deutsche Mittelstand Real Estate AG is transforming itself into a leading holder of German commercial real estate. The core business activities of the Frankfurt/Main- headquartered real estate group consist of the acquisition, the management and the rental of commercial real estate and their further development, for example, through modification, modernisation or expansion, and increasing their value through their rental or disposal.

As per 31 of May 2015 the commercial property portfolio consisted of more than 610,000 m2 of rentable space, mainly comprising of office and logistics properties. Annualised net rent excluding utilities amounts to approximately EUR 32.8 million. The portfolio's regional focus lies in Bavaria and North Rhine-Westphalia. The in-house asset, property, and facility management ensures the optimum management and development of the holdings.

The DEMIRE real estate group pursues a buy-and-hold-strategy combined with active portfolio management. It is concentrated on both the value-added and core-plus investment approaches. The combination of these two approaches offers a balanced risk-return ratio and attractive opportunities.

The real estate group's lean structure allows it to take action quickly and flexibly. The shares of DEMIRE Deutsche Mittelstand Real Estate AG (ISIN DE000A0XFSF0) are listed in the regulated market (General Standard Segment) of the Frankfurt Stock Exchange.

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