publity

DB: PBY

€412.9m market cap

€40.25 last close

publity is an asset manager with a focus on German office buildings. It has a 17-year track record as an investor in commercial real estate in larger German cities and currently manages a portfolio worth €3bn.

Investment summary

publity is evolving from a pure asset manager and is building its own portfolio of German office properties (valued at €243.3m at end-June 2019) through its subsidiary, publity Investor (Investor). The next strategic step is combining Investor with PREOS Real Estate (an asset owner also controlled by publity’s main shareholder, Thomas Olek). We believe that the parent company will now devote part of its capacity to managing its subsidiary’s portfolio (apart from third-party assets). However, this may drive property revaluation gains. publity’s assets under management (AUM) now stand at €5.0bn (vs €4.6bn at end-2018).