Frankfurt/ Main, 16.02.2021 – GORE German Office Real Estate AG (“GORE”; ISIN DE000A0Z26C8) has successfully completed the sale of a large commercial property in Waltrop in the Ruhr region. The Ruhr region is Germany’s largest metropolitan area with a population of approximately 5.1 million.
Just prior to the sale of the building, GORE had signed a 15-year lease extension with the building’s main tenant, Nuvisan GmbH. The commercial property’s main tenant is Nuvisan GmbH, an internationally active research institute that conducts legally required drug studies on behalf of the pharmaceutical industry. At the beginning of November 2020, Nuvisan had extended its lease until 2035. In addition to Nuvisan, the tenant base includes other well-known German companies such as Pharbil Waltrop GmbH, O+S Distelkamp GmbH and Chemische Werke Hommel.
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The GORE German Office Real Estate AG (“GORE”) is a dynamically growing real estate investor with a focus on office properties in German conurbations. Using a manage-to-core approach, GORE acquires properties in preferred locations at below market value wherever possible in order to sustainably enhance their value. Investment activities focus on properties with a market value of between EUR 1 and 15 million. Compared to other property sizes, this size class offers a less competitive market environment in terms of purchasing according to GORE estimates. GORE’s aim is to generate above-average value enhancement and return potential along the entire value chain, from acquisition through management to sale, together with its partners. The volume of the real estate portfolio is expected to be multiplied by acquisitions in the coming years.