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CGR - PREOS Global Office Real Estate & Technology AG supports as majority shareholder the planned refocusing of GORE German Office Real Estate AG

Company: PREOS Global Office Real Estate & Technology Date: 2023-10-24 Language: English Register to download

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 News Details

Ad-hoc | 24 October 2023 11:18

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PREOS Global Office Real Estate & Technology AG supports as majority shareholder the planned refocusing of GORE German Office Real Estate AG

PREOS Global Office Real Estate & Technology AG / Key word(s): Strategic Company Decision  

PREOS Global Office Real Estate & Technology AG supports as majority shareholder the planned refocusing of GORE German Office Real Estate AG  

  

24-Oct-2023 / 11:18 CET/CEST  

Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by EQS News – a service of EQS Group AG.  

The issuer is solely responsible for the content of this announcement.  

  

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Publication of inside information pursuant to Art. 17 of Regulation (EU) No. 596/2014

**PREOS Global Office Real Estate & Technology AG supports as majority shareholder the planned refocusing of GORE German Office Real Estate AG**

**– PREOS investment GORE plans to acquire First Move! AG as part of a non-cash capital increase to enter the automated parking and parking lot technology sector**

**– Extraordinary General Meeting of GORE to decide on refocusing, capital increase through contributions in kind and change of name to “Eco Motion AG**

**– GORE’s plans to acquire a stake in BrickMark Group AG are terminated**

**Frankfurt am Main, October 24, 2023** – PREOS Global Office Real Estate & Technology AG (“PREOS”, ISIN DE000A2LQ850) supports the planned focus of its 84.5% shareholding GORE German Office Real Estate AG on automated parking and parking lot technology. Accordingly, PREOS plans to approve the proposals of the GORE Management Board at the announced Extraordinary General Meeting.

The GORE Management Board decided today to propose to an Extraordinary General Meeting of GORE, yet to be convened, the adoption of a resolution on the acquisition of 100% of the shares in the Swiss company First Move! AG (“First Move”) by way of a capital increase against contribution in kind excluding shareholders’ subscription rights (“Transaction”). This is accompanied by the decision of the GORE Management Board, also taken today, not to pursue plans for a strategic investment in BrickMark Group AG.

First Move has a patented parking technology that achieves an increase in the productivity of the parking area by over 100% compared to a conventional parking garage. The solution – which is also suitable for retrofitting – significantly reduces emissions and space requirements and also significantly increases electric vehicle charging capacity. The PREOS board sees the potential for GORE to become a leading player in the fast-growing “automated parking” market in the short term with its planned refocus. The refocusing of its business model is also to be accompanied by the renaming of GORE to “Eco Motion AG”. The shareholder base of First Move also includes the indirect majority shareholder of PREOS and GORE, Thomas Olek, via an investment vehicle.

The envisaged capital increase against contributions in kind of GORE is to be based on the capital reduction to EUR 3,752,500.00 resolved by the Annual General Meeting of GORE on October 20, 2023 and is to be carried out against the granting of 19,000,000 new GORE shares at an issue price of EUR 6.00 per GORE share to the shareholders of First Move. The exchange ratio shall be 190,000:1, i.e. for each First Move share, First Move shareholders shall receive 190,000 new GORE shares. The exchange ratio is based on an expert valuation of First Move in the amount of approximately EUR 129.7 million, whereby it was possible to agree with the shareholders of First Move on a lower valuation for the transaction of EUR 114 million. The invitation to an extraordinary shareholders’ meeting of GORE is expected to be published later today.

The Annual General Meeting of GORE on October 20, 2023 approved the proposed capital reduction with a majority of over 97 percent. Nevertheless, several objections were declared, among others, also against this resolution of the Annual General Meeting. The success of the intended transaction will therefore also depend on whether the capital reduction can be implemented in the foreseeable future.

GORE’s Executive Board is sticking to its plans to sell GORE’s remaining real estate portfolio. In view of the difficult situation on the real estate markets, this process may take some time, so that the six existing properties that have not yet been sold may remain in the indirect ownership of GORE for a longer period of time and thus be further developed in line with the current business model.

  

  

End of Inside Information  

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Information and Explanation of the Issuer to this announcement:  

  

Stephan Noetzel, CEO of PREOS: “We expressly support GORE’s planned move to enter the fast-growing market of innovative parking technology. For PREOS as majority shareholder, the refocusing of GORE also opens up new opportunities, especially in the area of ESG and sustainable real estate development.”

**About PREOS Global Office Real Estate & Technology AG**

PREOS Global Office Real Estate & Technology AG (“PREOS”) is an active real estate investor focused on sustainable office properties in the field of green development. In purchasing, the focus is on ESG-compliant office properties with development potential in German metropolitan regions as well as undeveloped land where ESG project developments come into question. Value creation is generated through targeted asset management measures. Developed portfolio properties are sold if there are adequate sales opportunities. The corporate strategy is to significantly increase the portfolio of properties with an ESG focus through acquisitions in the coming years. PREOS shares (ISIN DE000A2LQ850) are listed in the m:access segment of the Munich Stock Exchange (PAG.MU) and on Xetra (PAG.DE). The registered office of PREOS is in Frankfurt am Main.

**Press Contact:**

edicto GmbH

Axel Mühlhaus/ Svenja Liebig

Eschersheimer Landstraße 42

60322 Frankfurt am Main

Phone +49(0) 69/905505-56

Mail: preos@edicto

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24-Oct-2023 CET/CEST The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.  

Archive at www.eqs-news.com  

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|     |     |
| --- | --- |
| Language: | English |
| Company: | PREOS Global Office Real Estate & Technology AG |
|     | Bockenheimer Landstraße 2-4 |
|     | 60306 Frankfurt/Main |
|     | Germany |
| Phone: | +49 695973566 |
| E-mail: | info@preos.de |
| Internet: | www.preos.de |
| ISIN: | DE000A2LQ850 |
| WKN: | A2LQ85 |
| Listed: | Regulated Unofficial Market in Frankfurt, Munich |
| EQS News ID: | 1756073 |

  

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| End of Announcement | EQS News Service |

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