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 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 DEMIRE Deutsche Mittelstand Real Estate AG
DEMIRE - REALize Potential
|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:||1171726|
|End of News||DGAP News Service|