GORE German Office Real Estate AG has acquired a real estate portfolio consisting of 12 office properties with individual market values of up to €19.2 million ($21.9 million) from PREOS Real Estate AG. The transaction gives GORE access to PREOS' extensive real estate pipeline including in the segment of higher priced commercial real estate up to €40 million ($45.7 million) in German metropolitan areas.
As part of the transaction, GORE acquired 89.9 percent of the share capital of the PREOS subsidiary PREOS Immobilien GmbH, in which the corresponding real estate portfolio was bundled, at a valuation of €200 million ($229 million). In return, PREOS received new GORE shares, growing its stake to 59.9 percent.
Jörg Reinhardt, CEO of GORE, said, “The now concluded transaction represents an important step in our growth strategy. We are expanding our focus on higher-priced commercial real estate and intend to take advantage of market opportunities as they arise. We w
