GORE German Office Real Estate AG: almost balanced semi-annual result 2021 and strategic focus on realignment

GORE German Office Real Estate AG: almost balanced semi-annual result 2021 and strategic focus on realignment

Frankfurt/Main, 06.12.2021 - GORE German Office Real Estate AG ("GORE"; ISIN DE000A0Z26C8) closed the first half of 2021 with a nearly balanced semi-annual result of EUR -0.1 million according to HGB accounting. Equity amounted to EUR 69.5 million as of the balance sheet date.

For GORE, the first six months of the year were primarily influenced by the constraints of the COVID 19 pandemic. Despite the challenges, the company was able to conclude important real estate transactions. A commercial property of more than 4,000 square metres in Grafing was successfully sold. The office property in the economically strong conurbation of Munich has been successfully valorised over the years by means of the manage-to-core approach and with the support of the asset manager publity. Furthermore, an architecturally striking property in Duisburg by star architect Norman Foster was successfully resold.

GORE has recently set the course for the planned strategic realignment of its business model with a focus on the Luxembourg commercial real estate market (see ad hoc announcement dated 19 October 2021). The German real estate portfolio is to be sold and the investment focus placed exclusively on the Luxembourg office property market. This is also to be accompanied by a change in the shareholder structure, a relocation of the registered office to Luxembourg as well as a change of name and a subsequent cross-border change of legal form. Furthermore, an additional listing of the GORE shares on the Luxembourg Stock Exchange is being sought.

GORE's semi-annual report 2021 can be found on the website under the following link: www.gore-ag.de/en/investor-relations-2/

Press Contact:
Financial Press and Investor Relations:
edicto GmbH
Axel Mühlhaus
Phone: +49 69 905505-52
Mail: gore@edicto.de
 

About GORE

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.