GIEAG Immobilien AG achieves rental success with new construction project MAYOFFICE in Stuttgart

DGAP-News: GIEAG Immobilien AG / Key word(s): Real Estate

17.10.2018 / 09:00
The issuer is solely responsible for the content of this announcement.


GIEAG Immobilien AG achieves rental success with new construction project MAYOFFICE in Stuttgart

- ADWEKO Consulting GmbH has rented an entire office floor comprising 1,300 square metres

- Construction began in June 2018 - completion planned for spring 2020

Stuttgart/Munich, 17 October 2018 - Family-run Munich-based real estate company GIEAG Immobilien AG today announced that it has achieved a significant rental success with their major MAYOFFICE project located in Stuttgart's Pragsattel district. In what is planned to be an office complex totalling approximately 10,000 square metres, the company has rented the entire top floor - approximately 1,300 square metres - to ADWEKO Consulting GmbH on a long-term basis. SGB Stuttgarter Grund & Boden GmbH advised ADWEKO, while Angermann Stuttgart acted as the estate agent. Following the start of construction in June 2018, this marks another milestone achieved by GIEAG in this new Stuttgart construction project.

By spring 2020 GIEAG will have delivered a real estate project that consists of two buildings adjacent to Killesberg Hill Park in Stuttgart, directly at the new Theaterplatz. The total investment volume is more than EUR 70 million. GIEAG is already enjoying a great degree of interest in the MAYLIVING building (www.may-living.de) and has also managed to sell more than 40% of the 70 planned apartments long before the completion of construction. These apartments measure approximately 43 to 190 square metres and offer generous terraces and balconies. A total of approximately 7,000 square metres of residential space will be created. The second building, MAYOFFICE (www.may-office.eu), offers state-of-the-art office space with imposing entrances on both Maybachstraße and the new Theaterplatz. The complex's underground car park provides tenants, visitors and residents with a total of 300 parking spaces spread across three levels.

Thomas Männel, a member of GIEAG Immobilien AG's managing board, commented: "With its vibrant and innovative architecture, our new 'MAYLIVING + MAYOFFICE' construction project will be a prominent feature in urban development. The appeal of this new quarter, which blends living and working in a single environment, is clear from the fact that we have already sold more than 40% of the apartments available for sale and are experiencing high demand from potential tenants for the modern office space offered by the MAYOFFICE building. We are very pleased to have been able to conclude a long-term rental agreement with ADWEKO, a successful player in the financial services advisory sector, at this early stage of the project and view this as confirmation of both our expertise in building modern real estate and the choice of location."

Frank Mörsch, Head of Marketing & Administration at ADWEKO, said: "We were won over by the location, modern architecture and the facilities planned for this new working environment. Our employees and clients will both benefit from the unique spirit of our new office space."

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 100 million. A partner-like approach, consistency, secure transactions and speed form the basis of GIEAG's sustainable value growth.

About ADWEKO Consulting GmbH

Established in 2008, the consulting firm for analytical solutions in banking and insurance employs more than 130 people from 20 nations at eight locations in Germany, Hungary, England, the USA and Canada. ADWEKO is an established player in financial services consulting and currently provides its services to 42 banks and insurance companies. The company generates annual revenue of approx. 20.1 million euros.

Contact

GIEAG Immobilien AG
Investor Relations, Philipp Pferschy
Oettingenstraße 35
80538 Munich
ir@gieag.de
Telephone: +49 89 290516-0

edicto GmbH
Axel Mühlhaus, Peggy Kropmanns
amuehlhaus@edicto.de
Telephone: +49 69 905505-52



17.10.2018 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.de



show this