DGAP-News: GIEAG Immobilien AG: GIEAG sells fully-let office complex in Stuttgart after extensive revitalisation

GIEAG sells fully-let office complex in Stuttgart after extensive revitalisation

- Property of around 5,000 m² sold to institutional investor

- Revitalisation activities completed on schedule

- State of Baden-Württemberg is exclusive tenant, rental space already handed over

Munich, 14 June 2018. GIEAG Immobilien AG (GIEAG) has sold a fully-let office complex in Stuttgart to an institutional investor from the south of Germany. GIEAG only acquired the property, with a total rental area of around 5,000 square meters and underground parking for 101 cars in Stuttgart's Neckartalstraße at the end of 2017/start of 2018 as a vacant property, and then extensively renovated and revitalised the property. A long-term rental agreement for the entire rental area was recently concluded with the State of Baden-Württemberg. The property was handed over to the sole tenant on 1 June 2018 after the revitalisation activities were concluded on schedule. PIC Real Estate GmbH advised the investor during the purchase and structuring.

Thomas Männel, a member of GIEAG's managing board, commented: "We are very pleased that we have been able to successfully sell this property shortly after buying and revitalising it. This confirms our expertise in developing properties to create value, and in our choice of location. Of course the fact that we concluded a long-term rental agreement with a 1A tenant was also a positive factor."

Andreas Kurzer, Managing Partner with PIC Real Estate GmbH added: "The seller's professionalism and the quality of both the property and the tenant, which go without question, were the decisive factors for our decision to purchase this property."

About GIEAG Immobilien AG (GIEAG)

GIEAG is a family-run Munich based, public limited real estate company. Shares of GIEAG Immobilien AG are traded on the Munich stock exchange. GIEAG's team of experts guarantees innovative and future-proof concepts. The combination of three asset classes - office, residential and logistics - and its two areas of activities - development and investment - means that the company has a stability that is unique on the market. During the past 18 years GIEAG Immobilien AG has developed and optimised a large number of real estate projects ranging in size from between 1,500 m2 to 145,000 m2 and with individual investment amounts of up to EUR 100 million. A partner-like approach, consistency, secure transactions and speed form the basis of GIEAG's sustainable value growth.

Contact

GIEAG Immobilien AG
Investor Relations, Philipp Pferschy
Oettingenstraße 35
80538 Munich
ir@gieag.de
Telephone: +49 89 290516-0

edicto GmbH
Axel Mühlhaus, Peggy Kropmanns
amuehlhaus@edicto.de
Tel.: +49 69 905505-52