DGAP-News: Coreo AG: Development of Hydra-portfolio continues as scheduled

Coreo AG: Development of Hydra-portfolio continues as scheduled

• 20-year rental contract signed with B&B Hotels for property in Kiel
• Renting of the commercial area in Frankfurt a. M.
• Sale of Werdohl completed
• Extension of rental contract in Bruchsal

Frankfurt am Main - 4 June 2019 - Coreo AG continues to develop its Hydra-portfolio, acquired in September 2018, according to plan.

A 20-year rental contract was concluded with B&B Hotels GmbH for the property in Kiel, with two extension options for 5 years each. As the planning work is so far advanced, the building application will be submitted at short notice.
The renovation work on the property located in Frankfurter Berger Strasse is well under way. A rental contract for the commercial area on the ground floor of the popular shopping promenade was already concluded at the end of January 2019. The renovation was completed and the tenant KUBI Coiffeur & Kosmetik recently opened his shop. The marketing for the apartments planned for the upper floors is scheduled to start in late summer 2019.
The sale of the property in Werdohl is now the fourth of a total of six properties offered for sale, so that around 90 % of the Hydra-portfolio is already sold.

Metro already exercised its option to extend the rental contract for the property in Bruchsal in March 2019. The WALT (Weighted Average Lease Term) subsequently increased by 5 years to 6 years.

"Following the repeated sales successes, the first rentals now also confirm that we were right in our assessment of the potential of the Hydra portfolio," says CEO Marin Marinov confidently. "We expect more rental contracts for the remaining part of the year."
 

About Coreo AG
Coreo AG, which has its registered office in Frankfurt am Main, is a dynamically growing real estate company with a focus on German commercial and residential properties. Investments are made in real estate with considerable potential for appreciation thru refurbishment and repositioning, preferred in A and B macro locations. The goal is to build up an efficiently managed, high-yielding real estate portfolio through prudent development and the sale of non-strategic properties.