GORE German Office Real Estate AG achieves letting success for office complex in Neu-Isenburg
Frankfurt am Main, 14 February 2020 - GORE German Office Real Estate AG ("GORE"; ISIN DE000A0Z26C8), a real estate investor focusing on commercial real estate primarily in German metropolitan areas, has achieved an important letting success for an office complex in Neu-Isenburg near Frankfurt am Main. GORE concluded a new ten-year lease agreement with the main tenant ARAMARK Holding Deutschland GmbH ("ARAMARK"), which runs until January 2030. ARAMARK uses almost 4200 square meters of space in the 15,882 square meter office complex, as well as 60 parking spaces. The average remaining lease term in the property (WALT) increases from 3.4 to 9.3 years due to the leasing success.
The office complex, built in 1993, is located in an attractive commercial location in Neu-Isenburg in the immediate surroundings of Frankfurt am Main and Frankfurt Airport and has excellent transport connections to the highway network. The complex consists of a total of three five-storey building sections with office and storage space. The office complex also includes 192 garage spaces and 23 outside parking spaces.
Jörg Reinhardt, CEO of GORE: "We are pleased to have signed a new, long-term lease with our main tenant in the Neu-Isenburg property through our asset manager publity. The current letting success is further proof of the attractiveness of the location and the quality of the property".
GORE German Office Real Estate AG ("GORE") is a dynamically growing real estate investor focusing on office properties in German metropolitan areas. Using a manage-to-core approach, GORE acquires properties in preferred locations, if possible below market value, in order to increase their value over the long term. Investment activities focus on properties with a market value of between EUR 1 and 15 million. In GORE's view, this size category offers a less competitive market environment when purchased, compared with other property sizes. GORE's aim is to work with its partners from acquisition to management and sale to generate above-average value growth and return potential along the entire value chain. Acquisitions are expected to multiply the volume of the real estate portfolio in the coming years.
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