Newly listed German property firm Publity has announced the acquisition of a 44,000 m2 office park near Munich for an undisclosed amount.
Newly listed German property firm Publity has announced the acquisition of a 44,000 m2 office park near Munich for an undisclosed amount.
Designed by architects KSP Jürgen Engel, the complex at Einstein ring 1-21 was completed in 2002 and consists of three buildings as well as 712 parking spaces. It is mostly let to online luxury retailer Mytheresa.
The building was initially sold by its developer ABG Group to Icelandic insurance group Sjova and later went into receivership. In September 2013 US Group Castle Lake bought the asset from a banking consortium as part of an insolvency procedure.
NAI Apollo and law firm CMS Hasche Sigle advised Publity on the deal.
The acquisition is part of Publity's €1 bn investment spree planned for 2015. 'We plan to make acquisitions in cities such as Stuttgart, Dusseldorf, Hamburg and Berlin,' CEO and majority shareholder Thomas Olek said last week.
The German real estate investor recently began trading on the Entry Standard segment of the Frankfurt stock exchange after an €138 mln Initial Public Offering aimed at financing the company's growth.
The company, which focuses on office properties and special situations, reported an operating profit of €2.8 mln in the 2014 fiscal year, a 3% rise on the year before, while earnings before interest and taxes (EBIT) increased by 19.6% to €4.7 mln.
Publity started out as an online brokerage firm in 1999 before switching its focus in 2004 to distressed real estate loans and assets held by German banks. It manages a number of closed-end property funds for private and institutional investors.
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