EQS-News: Coreo AG: Active asset management and acquisitions pay off - Coreo continues to grow

Active asset management and acquisitions pay off - Coreo continues to grow

• Rental income rises by 45% to EUR 2.8 million in the first half of 2022
• Active asset management takes effect:
  • Property in Kiel handed over to tenant after renovation
  • Long-term lease agreement signed with strong tenant in Wetzlar
• Successful capital increase of EUR 5.5 million in May creates room for further growth
• Forecast confirmed: Coreo is on track to generate rental income of EUR 3.8 million in 2022

Frankfurt, 22 September 2022. Coreo AG (WKN: A0B9VV) has successfully concluded the first half of 2022. Rental income increased by 45% to EUR 2.8 million through new lettings and rent increases as a result of active asset management and supported by acquisitions.

In May, for example, the property in Kiel was handed over to B&B Hotels on a long-term basis, thus achieving full occupancy. In July, a 10-year lease with extension options was signed with the city of Wetzlar for the municipal youth welfare office. After occupation in the first quarter of 2023, this property will also be fully let. Coreo also benefits from index-linked leases, particularly in numerous commercial properties, which will lead to an increase in rent in the current year.

Coreo considers itself well prepared for the rest of the year and the future. Following the successful capital increase of EUR 5.5 million in May, liquidity is comfortable at around EUR 12.5 million as of the reporting date. The newly formed management team is sounding out the market in order to take advantage of opportunities as they arise and to further improve the portfolio quality. At the same time, the portfolio will be streamlined of properties that are no longer strategically relevant if attractive sales proceeds can be realised.

Given this, Coreo confirms its forecast for the 2022 financial year, with rental income expected to amount to EUR 3.8 million.

The 2022 half-year report is available on Coreo's homepage in the Investors section.

About Coreo AG

Coreo AG (WKN: A0B9VV), based in Frankfurt am Main, is a dynamically growing real estate company. Investments are made primarily in residential properties with substantial potential for value creation or the need for development, preferably in medium-sized cities. The aim is to build up an efficiently managed, high-yielding real estate portfolio.

Contact:
Coreo AG
Investor Relations
Bleichstraße 64
D-60313 Frankfurt a. M.
[email protected]
T: +49 (0) 69-21 93 96-0