Publity : records long-term rental success for the landmark Karstadt headquarters property in Essen

Leipzig/Essen - Leipzig-based publity AG has concluded a further rental agreement with a 30-year term with the police service in Essen in the Karstadt headquarters property.

 

Publity AG successfully concluded a 12-year rental agreement with Karstadt Warenhaus GmbH for the continued use of around 30,000 square meters in June 2016, and has now recorded another long-term rental success with the signing of a 30-year lease for the police headquarters in Essen.
 

The police headquarters has concluded a rental agreement for approx. 26,800 square meters and a total of 890 car parking spaces in the garage with a 30-year term through to 2050. Several conversions will be completed in the property for the Essen police service and it expected that these will be finished by the first half of 2020, together with new buildings with an integrated car wash and vehicle repair shop.
 

The office and administrative property has almost 109,000 square meters of gross floor space and offers substantial potential for a potential development of the highly demanded Bredeney region in the city. This is now the 561^st property in publity AG's portfolio. It was built from 1965 to 1975 on a plot of almost 108,000 square meters, and has been modernised several times. The property comprises four sections, an open parking garage as well as a single-storey garage building with 1,780 car parking places.
 

Thanks to its excellent location on the B52, which connects the Rhineland with the Ruhr region, the property has first class connections to local and long-distance transport in the Ruhr region. Essen is also the centre of the third-largest metropolitan region in Europe. The top-quality location in the south of Essen means that there is major potential for a high quality development of this part of the city over and above the property's current use.
 

The architects Koschany + Zimmer Architekten KZA from Essen supported and successfully accompanied the rental process and the refit.
 

"Right in line with our manage-to-core approach we have been able to increase the rental rate in the Karstadt property in Essen from 48 % to 83 %, and we have also increased the WALT from 0.8 years to 23.7 years, thus further boosting the property's value", commented Thomas Olek, publity AG's CEO.

 

Press Contact:
Finanzpresse und Investor Relations:
edicto GmbH
Axel Mühlhaus/ Peggy Kropmanns
Telefon: +49 69 905505-52
E-Mail: publity@edicto.de

 

About publity
publity AG is an asset manager specialised in German office real estate. The company covers a broad value chain from acquisition to development through to the sale of real estate and has a track record of several hundred successful transactions. publity is characterized by a strong network in the real estate sector as well as by the work out departments of financial institutions, has very good access to investment resources and conducts transactions quickly with a highly efficient process with proven partners. As a co-investor, publity is, to a limited extent, involved in joint venture transactions. The shares of publity AG (ISIN DE0006972508) are traded on the exchange segment of the German stock exchange.