DEMIRE Deutsche Mittelstand Real Estate AG: Federal State of Hesse leases property in Bad Vilbel
DGAP-News: DEMIRE Deutsche Mittelstand Real Estate AG / Key word(s): Miscellaneous
DEMIRE: Federal State of Hesse leases property in Bad Vilbel
- New letting of roughly 5,000 m² to offices of the Federal State of Hesse
- Term of rental agreement is 10 years
Langen, 6 November 2019 - DEMIRE Deutsche Mittelstand Real Estate AG (ISIN: DE000A0XFSF0) has leased around 5,000 m² located at Konrad-Adenauer-Allee 1-11 in Bad Vilbel to the Federal State of Hesse. The contracting partner is the Landesbetrieb Bau und Immobilien Hessen (LBIH), which is the central service provider of the Hesse State Administration for Construction and Real Estate. The tenants of the property in Bad Vilbel, represented by LBIH, are the State Education Office for the Hochtaunus and Wetterau district, and Studienseminare Friedberg and Oberursel, which offer educational training.
DEMIRE AG purchased the office building in Bad Vilbel in May 2019 as part of a portfolio acquisition. The former single tenant property has lettable floor space totaling 26,000 m². As a result of the new 10-year contract with LBIH, the average remaining term for all leases for the property has now increased from 4.6 years to 7.1 years.
The re-positioning of the property was carried out under DEMIRE AG's "REALize Potential" strategy. In addition to the new lease concluded with LBIH, four further leases for lettable floor space totaling 6,000 m² have been concluded or extended since the property's acquisition. As a result, the property's vacancy rate has halved from 69 % at the time it was taken over to a current level of 35 %.
In his comments, Ingo Hartlief, CEO of DEMIRE AG, says: "The new long-term lease confirms our strategy of converting this property from a single to a multi-tenant structure. As this premiere property, located at the centre of Bad Vilbel, has an excellent IT infrastructure and sufficient parking spaces, we are confident that we will soon be able to conclude additional lease contracts and realize the added-value potential that this property offers."
Press & Investor Relations:
DEMIRE - Deutsche Mittelstand Real Estate AG
About DEMIRE Deutsche Mittelstand Real Estate AG
Head of Investor Relations & Corporate Communications
DEMIRE Deutsche Mittelstand Real Estate AG
Telefon: +49 6103 372 4944
|Company:||DEMIRE Deutsche Mittelstand Real Estate AG|
|Robert-Bosch-Straße 11 im 'the eleven'|
|63225 Langen (Hessen)|
|Phone:||+49 6103 37249-0|
|Fax:||+49 6103 37249-11|
|Listed:||Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Stuttgart, Tradegate Exchange|
|EQS News ID:||905999|
|End of News||DGAP News Service|