13.12.2019 GORE German Office Real Estate AG  DE000A0Z26C8

DGAP-News: GORE German Office Real Estate AG celebrates successful stock market debut


DGAP-News: GORE German Office Real Estate AG / Key word(s): IPO
GORE German Office Real Estate AG celebrates successful stock market debut
13.12.2019 / 09:31
The issuer is solely responsible for the content of this announcement.


GORE German Office Real Estate AG celebrates successful stock market debut

- Listing in the m:access trading segment of the Munich Stock Exchange

- Focus on office properties in German conurbations

- Very well positioned for further growth

Frankfurt am Main, 13 December 2019 - GORE German Office Real Estate AG ("GORE"), a real estate investor focused on commercial real estate primarily in German conurbations, today made its successful debut on the Munich Stock Exchange's over-the-counter market in the m:access trading segment. As of today, all 15,050,000 registered no-par value common shares (no-par value shares) are listed on the Munich Stock Exchange. The first rate for the GORE share was EUR 6.20, which corresponds to a market capitalisation of EUR 93.3 million.

GORE ideally positioned in attractive niche market

GORE's investment focus is on office real estate in German metropolitan regions with a volume of up to EUR 15 million per transaction, or larger for individual properties. In cooperation with established transaction partners, the company focuses primarily on off-market transactions from the extensive real estate and banking network of its asset manager publity AG, where opportunities often arise to acquire properties below market value. Value potential is leveraged through efficient asset management. Furthermore, GORE's business model includes the sale of properties to realise the corresponding values. In the size category for real estate investments with a volume of up to EUR 15 million, competition on the buyer side is below average, as the properties are too small for many institutional and international investors and often too large for private investors. The company has an appealing pipeline and plans to diversify its real estate portfolio over the next few years.

GORE's initial portfolio consists of five commercial properties. The properties in the regions of Frankfurt/Main, Dusseldorf, Munster and Duisburg have a total rental area of around 30,700 square meters.
Sustained strong demand for office properties in Germany

The demand for office real estate in Germany remains unbroken. The cities in the Federal Republic of Germany were completely unimpressed by the clouded economy in 2019. In the third quarter alone, around 22.4 billion euros were invested in German office properties. According to experts at BNP Paribas Real Estate, this was the second best transaction volume ever recorded in a single quarter. The floor-space turnover in the eight largest German metropolises (Berlin, Munich, Cologne, Hamburg, Frankfurt/Main, Dusseldorf, Essen, Leipzig) rose to over 3 million square metres between January and September. This exceeds the previous year's record by 6%. The rise in office property prices was even more pronounced in the third quarter of 2019. According to an analysis by the Association of German Mortgage Banks (vdp), prices rose by 8.8% year-on-year. The reason for the increase was the constantly high demand for space and the simultaneously low availability of space.

Despite geopolitical uncertainties, the economic slowdown in the Federal Republic of Germany and uncertainties regarding Brexit, the local office real estate market should remain robust in the coming year and offer investors numerous good investment opportunities. According to CBRE's experts, the unabated decline in vacancy rates despite increased construction activity is driving rents upwards and further enhancing the attractiveness of the office asset class for investors. The real estate service provider expects a stable office rental volume of around 3.5 million square metres for 2019.

Jörg Reinhardt, CEO of GORE with more than 30 years of experience in the real estate sector: "By going public on the Munich stock exchange, we are increasingly opening up to institutional investors and giving them the opportunity to participate in our growth. With our lean corporate structure, we can act quickly and flexibly in the market and take advantage of opportunities as they arise. Our pipeline is filled to the brim. In cooperation with our experienced transaction partners, we intend to further expand our portfolio in the coming years and multiply our real estate portfolio in the process".

The securities prospectus can be downloaded from the GORE German Office Real Estate AG website, www.gore-ag.de, under "Investor Relations". The following notices must also be observed.

This publication does not constitute an offer. In particular, it does not constitute a public offer to sell or an offer or a solicitation of an offer to purchase, purchase or subscribe for any shares or other securities. The offer is based exclusively on the securities prospectus approved by the German Federal Financial Supervisory Authority (BaFin) on 3 December 2019 and published on the website of GORE German Office Real Estate AG (www.gore-ag.de) in the "Investor Relations" section. Only the securities prospectus contains the information for investors required by law.

Investors are advised to consult the securities prospectus, which has been checked for completeness, coherence and comprehensibility by the German Federal Financial Supervisory Authority (BaFin) and which has been available on the GORE German Office Real Estate AG (www.gore-ag.de) in the "Investor Relations" section before deciding to acquire or sell shares in GORE German Office Real Estate AG in order to fully understand the potential risks and rewards of the investment decision, and to make an investment decision only on the basis of all available information about the company after consulting with its own lawyers, tax advisors and/or financial advisors. It should be noted that approval of the Prospectus by BaFin is not to be construed as an endorsement of the relevant securities.

A public offering of the securities mentioned in this publication will be made exclusively on the basis of and in accordance with the securities prospectus and only in the Federal Republic of Germany. In particular, neither a public offering nor a solicitation of an offer to purchase securities in the United States of America, Japan, Canada, New Zealand or Australia will be made.
The securities mentioned in this publication have not been and will not be registered under the United States Securities Act of 1933 (the "Securities Act") or the securities laws of any state of the United States of America and may not be admitted to trading in or into the United States of America or into or on behalf of or for the account or benefit of a U.S. person or entity.The securities may not be offered, sold, pledged, transferred or delivered (directly or indirectly) to, or for the account or benefit of, any person (as such term is defined in Regulation S under the Securities Act) absent registration or an exemption from, or exemption from, the registration requirements of the Securities Act or a transaction not subject to the registration requirements of the Securities Act and in any event in accordance with the securities laws of any state of the United States.

This publication may contain future-oriented statements. Future-oriented statements are all statements that do not refer to historical facts or events. This applies in particular to statements about the intentions, beliefs or current expectations of the Company with respect to its future financial performance, plans, liquidity, prospects, growth, strategy and profitability as well as the economic environment in which the company operates. The future-oriented statements are based on current estimates and assumptions made by the company to the best of its knowledge. However, such forward-looking statements are subject to risks and uncertainties because they relate to future events and are based on assumptions that may not occur in the future. The company is not obliged to update or modify the future-oriented statements contained in this publication to reflect events or circumstances occurring after the date of this publication, unless they contain insider information subject to publication requirements.

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.

Press Contact:

Financial Press and Investor Relations:
edicto GmbH
Axel Mühlhaus
Phone: +49 69 905505-52
Mail: [email protected]

13.12.2019 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
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Language: English
Company: GORE German Office Real Estate AG
Bockenheimer Landstraße 17-19
60325 Frankfurt am Main
Phone: 069 / 2714 74 038
E-mail: [email protected]
Internet: www.gore-ag.de
ISIN: DE000A0Z26C8
Listed: Regulated Unofficial Market in Munich (m:access)
EQS News ID: 935613

End of News DGAP News Service

935613  13.12.2019 


Die wichtigsten Finanzdaten auf einen Blick
  2016 2017 2018 2019 2020 2021 2022
Umsatzerlöse1 0,29 0,81 0,04 0,00 0,02 0,01 0,00
EBITDA1,2 3,08 -0,69 -0,27 -0,62 -0,95 0,21 0,00
EBITDA-Marge3 1.062,07 -85,19 -675,00 0,00 -4.750,00 2.100,00 0,00
EBIT1,4 3,08 -0,69 -0,28 -0,62 -0,95 0,20 0,00
EBIT-Marge5 1.062,07 -85,19 -700,00 0,00 -4.750,00 2.000,00 0,00
Jahresüberschuss1 2,44 -0,71 0,22 -0,13 -1,11 -0,35 0,00
Netto-Marge6 841,38 -87,65 550,00 0,00 -5.550,00 -3.500,00 0,00
Cashflow1,7 2,44 -0,71 0,22 -0,13 -1,10 -0,35 0,00
Ergebnis je Aktie8 0,16 -0,05 0,01 -0,01 -0,03 -0,01 0,00
Dividende8 0,27 0,00 0,00 0,00 0,00 0,00 0,07
Quelle: boersengefluester.de und Firmenangaben

  Geschäftsbericht 2020 - Kostenfrei herunterladen.  
1 in Mio. Euro; 2 EBITDA = Ergebnis vor Zinsen, Steuern und Abschreibungen; 3 EBITDA in Relation zum Umsatz; 4 EBIT = Ergebnis vor Zinsen und Steuern; 5 EBIT in Relation zum Umsatz; 6 Jahresüberschuss (-fehlbetrag) in Relation zum Umsatz; 7 Cashflow aus der gewöhnlichen Geschäftstätigkeit; 8 in Euro; Quelle: boersengefluester.de

Wirtschaftsprüfer: Grand Thornton

GORE German Office Real Estate
WKN Kurs in € Einschätzung Börsenwert in Mio. €
A0Z26C 0,880 33,02
KGV 2024e KGV 10Y-Ø BGFL-Ratio Shiller-KGV
12,57 18,56 0,69 12,57
0,48 - 1.651,10 252,47
Dividende '22 in € Dividende '23e in € Div.-Rendite '22e
in %
0,07 0,10 7,95 07.12.2022
Q1-Zahlen Q2-Zahlen Q3-Zahlen Bilanz-PK
26.11.2021 21.10.2022
Abstand 60Tage-Linie Abstand 200Tage-Linie Performance YtD Performance 52 Wochen
-48,36% -58,14% -64,80% -67,41%
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Immobilien (Gewerbe) , A0Z26C , GAG , XETR:GAG