Malta (pta033/10.11.2017/18:00) - 10.11.2017: solidare real estate holding plc. ("solidare") (MT0000580101 / A1JGT0 / SRH), a real estate company specializing in innovative micro-apartments, is successfully pursuing its growth strategy in major German cities where places to live are particularly sought-after.
At the end of October, solidare acquired a building that had previously been used as an office, complete with underground car park, in Frankfurt's Hausen district close to the city center as part of a share deal, inter alia from IBK Consulting GmbH, Frankfurt.
The property is now being extensively revitalized and converted over the next few months. The plan is to establish a hotel or a "long stay" apartment house with around 250 rooms.
In May this year, solidare concluded a financing agreement with an independent investment company covering a total of EUR 50 million. The building in Frankfurt-Hausen is the first project where the purchase and development is being undertaken within the scope of this agreement.
All the revitalization and conversion activities are being carried out by specialized subsidiaries of solidare or under their specific direction. These tasks include project development, planning, the execution of the construction measures and the elaboration of the rental and operating concept.
"solidare's strategic goal is to become one of the leading providers of micro-apartments or comparable properties in Germany. To this end, we are continuously on the hunt for similar properties, especially in the German state capitals and university cities," explains Zeki Yigit, founder and CEO of solidare.
NewMark Finanzkommunikation GmbH
DE - 60594 Frankfurt am Main
Tel.: +49 69 94 41 80 55
Fax: +49 69 94 41 80 90
solidare real estate holding plc. is a listed real estate company that specializes in the growth market of micro-apartments, predominantly in Germany. Micro-apartments are furnished residential units with a floor area of between 20 and 50 m^2, which are mainly rented by singles, students, commuters and the elderly. The principal shareholder and CEO Zeki Yigit has been involved in real estate development for more than 15 years. solidare covers the entire value-creation chain from real estate identification, the structuring of the acquisition and financing, the planning and execution of the construction or conversion activities, marketing, ongoing administration and facility management. The Group pursues a dedicated growth strategy that aims at consolidating the market segment and enhancing efficiency by exploiting the comprehensive nature of the internal service portfolio.
This release may contain forward-looking statements based on current assumptions and forecasts made by the management of solidare or its affiliated companies. Various known and unknown risks, uncertainties and other factors could lead to material differences between the actual future results, financial situation, development or performance of solidare and its affiliated companies and the estimates given here. Neither solidare nor its affiliated companies assume any liability to update these forward- looking statements or to adapt them to future events or developments.