First Berlin – PREOS Global Office Real Estate & Technology AG Research Update (11/05/2021)

First Berlin Equity Research has published a research update on PREOS Global Office Real Estate & Technology AG (ISIN: DE000A2LQ850). Analyst Ellis Acklin confirms his Under Review rating with a Suspended price target.

Abstract
PREOS recently sold its WestendCarree property in Frankfurt am Main to the French investment company Ardian. Terms of the deal were not disclosed. The office tower was one of the signature properties in the PREOS portfolio and counts the Max Planck Society for the Advancement of Science among its anchor tenants. In our view, the disposal is a win for the company and should provide a welcome liquidity boost. Meanwhile, talks with a prospective strategic investor are ongoing, but the timeline for an agreement has been pushed out until H2/21. We continue to monitor corporate developments for a basis to reset our estimates. The stock remains Under Review with a Suspended price target.