DGAP-News: Coreo AG

Coreo acquires Cash & Carry store in Bruchsal

Frankfurt am Main - 24 August 2017 - Coreo AG (ISIN: DE000A0B9VV6) has acquired another commercial property in Baden-Württemberg. The property contains approximately 6,300 m² of lettable space and has been fully let to Germany's leading wholesale company METRO Cash & Carry (METRO GASTRO). The purchase price of almost EUR 3.9 million was funded by both external and equity capital.

The property is located west of the town of Bruchsal among a collection of centrally located warehouse stores adjacent to the motorway, right on Bruchsal's well-frequented Kammerforststraße. It is very close to the Fachmarktzentrum Bruchsal, another warehouse store retail park, as well as popular German retailers such as Media Markt and Bauhaus. As well as being a wholesaler, METRO delivers to customers nationally within a 30-minute radius, which includes around 1.4 million people. For the main tenant METRO, this location is an optimal and sustainable option as a local retailer, and it allows for nationwide deliveries to customers as a Cash & Carry delivery depot. This means that Bruchsal is now the main supplier for commercial customers in the region.
METRO has invested six-digit sums in the property on a number of occasions over the past few years.

Coreo plans to retain this investment in the medium or long term, and believes that METRO will remain a tenant long into the future. The property also boasts a very good capacity for alternative use. Regarding future tenants, we believe that in this area of Baden-Württemberg, the property will not remain unoccupied for very long, and that rent prices may get even higher.
 

About Coreo AG
With the conversion to Coreo AG, the company created from the technology investment company Nanostart AG is being strategically realigned. It aims to develop a value-driven real estate portfolio of selected commercial and residential properties.