GIEAG Immobilien AG: GIEAG starts next phase of real estate project in Karlsruhe
GIEAG starts next phase of real estate project in Karlsruhe
? Revitalisation of the "management building" with around 11,000 square meters of space to commence ? Negotiations with potential tenants have already started and are looking promising ? Combination of successful extension of a long-term rental agreement in the "technology building" and re-design of the "management building" underscores GIEAG's innovative prowess in asset management
Munich, 11 April 2018. GIEAG Immobilien AG (GIEAG) is starting the next phase of its major real estate project in Karlsruhe. This group of properties in Philipp Reis Straße/Rüppurrer Straße comprises the "technology building" and the "management building". The "technology building" has around 22,000 square meters and GIEAG has now succeeded in extending its rental agreement with a telecommunications company over the long term. The next stage is to revitalise the "management building" which offers a total of around 11,000 square meters of space. Given this background, negotiations have already started with various interested parties as future global tenants. The future use and design of the building depends on the results of these negotiations, which are looking promising. In parallel, in agreement with the City of Karlsruhe, GIEAG has launched an urban development competition as part of a commissioning of multiple experts for the design and future use of the existing external areas. This competition is scheduled to end in July 2018.
Thomas Männel, a member of GIEAG's managing board, commented: "Our project in Karlsruhe is allowing us to once again show GIEAG's pioneering innovations for asset management and property development. The triad of the long-term extension of the rental agreement in one part of the building, the revitalisation and new rental of the other part of the building, coupled with the re-design of the external areas is allowing us to reposition the entire property. In so doing we are creating an urban development environment which is equally attractive for potential tenants and neighbours. At the same time we are increasing and securing the value of the property and the site over the long term."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 80 million. A partner-like approach, consistency, secure transactions and speed for the basis of GIEAG's sustainable value growth.
GIEAG Immobilien AG Investor Relations, Philipp Pferschy Oettingenstraße 35 80538 München firstname.lastname@example.org Tel: +49 89 290516-0
edicto GmbH Axel Mühlhaus, Peggy Kropmannsamuehlhaus@edicto.de Tel.: +49 69 905505-52
11.04.2018 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. Archive at www.dgap.deLanguage: English Company: GIEAG Immobilien AG Oettingenstrasse 35 80538 München
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