DEMIRE Deutsche Mittelstand Real Estate AG / Key word(s): Investment/Real Estate
09.07.2015 19:49
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DEMIRE acquires Kurfürstengalerie in Kassel
Frankfurt/Main, 9 July 2015 - 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.
Disclaimer
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.
Contact
DEMIRE Deutsche Mittelstand Real Estate AG
Investor Relations
Lyoner Straße 32
60528 Frankfurt am Main
Phone: +49 (0) 69-719 189 79 0
Fax: +49 (0) 69-719 189 79 11
ir@demire.ag
www.demire.ag
Investor Relations
GFEI Aktiengesellschaft
Lars Kuhnke
Phone: +49 (0) 511 4740 2310
ir@demire.ag
09.07.2015 The DGAP Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
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Language: English
Company: DEMIRE Deutsche Mittelstand Real Estate AG
Lyoner Straße 32
60528 Frankfurt am Main
Germany
Phone: +49 (0)69 / 719 189 79 0
Fax: +49 (0)69 / 719 189 79 11
E-mail: info@demire.ag
Internet: www.demire.ag
ISIN: DE000A0XFSF0
WKN: A0XFSF
Listed: Regulated Market in Frankfurt (General Standard); Regulated
Unofficial Market in Berlin, Stuttgart
End of Announcement DGAP News-Service
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