DGAP-News: PREOS Real Estate AG: PREOS Real Estate AG: Conversion project worth EUR 80 million in Essen successfully completed - new Police Headquarters handed over to Essen Police

Press Release

PREOS Real Estate AG: Conversion project worth EUR 80 million in Essen successfully completed - new Police Headquarters handed over to Essen Police

Leipzig, 13 August 2020 - PREOS Real Estate AG ("PREOS", ISIN DE000A2LQ850) has successfully completed a major conversion project at its property in Essen's Theodor-Althoff-Strasse and handed over the entire space to the Essen Police Department as tenant on schedule. The police uses the space as new Police Headquarters. The 30-year tenancy agreement was already concluded in 2018. The refurbishment project lasted for around 18 months and had a volume of EUR 80 million.

The tenancy agreement covers an area of 25,500 square metres used as offices and a further 1,300 square metres for the car workshop on the site. Additionally there are 890 parking spaces. The entire PREOS property in Essen-Schuir offers 100,000 square metres of floor space. For the refurbishment modern and high-quality materials were used.

Frederik Mehlitz, CEO of PREOS Real Estate AG: "We are pleased about the successful completion of the project to our and above all the satisfaction of our tenant. The long-term contract and the police as a first-class tenant are naturally a solid foundation for the value of our property. This is what we have invested in and we can now hand over areas that meet the highest standards".

About PREOS Real Estate AG


PREOS Real Estate AG ("PREOS") is an active real estate investor focused on office properties. PREOS acts as an efficient management holding company. The acquisition focuses on office properties with development potential in German metropolitan regions. Value creation is generated by targeted asset management measures. Developed portfolio properties are sold in the event of adequate sales opportunities. The corporate strategy is to significantly expand the real estate portfolio through acquisitions in the coming years. The PREOS share (ISIN DE000A2LQ850) is listed in the over-the-counter segment m:access of the Munich Stock Exchange (PAG.MU) and on Xetra (PAG.DE). The company headquarters of PREOS is located in Leipzig.

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