Last close As at 05/08/2026
—
— 0.00 (0.00%)
Market capitalisation
—
Research: Real Estate
publity plans to transfer up to 94.9% of its stake in subsidiary publity Investor (Investor) to PREOS Real Estate (PREOS), a listed real estate investor controlled by publity’s main shareholder. The transaction is structured as a capital increase for PREOS in exchange for a contribution in kind, implying a valuation for Investor of €400m. The deal will create a real estate investment group led by publity and valued at c €574m, according to company own estimates. We believe this will also solve a potential conflict between Investor and PREOS over deal origination given their similar investment focus.
publity |
Creating a new real estate investment group
Real estate asset management |
Scale research report - Flash
29 July 2019 |
Share price graph
Share details
Business description
Bull
Bear
Analysts
|
||||||||||||||||||||||||||
publity plans to transfer up to 94.9% of its stake in subsidiary publity Investor (Investor) to PREOS Real Estate (PREOS), a listed real estate investor controlled by publity’s main shareholder. The transaction is structured as a capital increase for PREOS in exchange for a contribution in kind, implying a valuation for Investor of €400m. The deal will create a real estate investment group led by publity and valued at c €574m, according to company own estimates. We believe this will also solve a potential conflict between Investor and PREOS over deal origination given their similar investment focus.
Capital increase through contribution in kind
The transaction will be executed as a non-cash capital increase excluding PREOS’s shareholder subscription rights. Up to 47.45m new shares at €8.0 per share will be issued to publity in exchange for up to 94.9% of its stake in Investor at a 5:2 ratio, based on Investor’s valuation of €400m. In addition, on completion of the deal, PREOS plans to issue a convertible bond with a volume of up to €300m, with publity’s up to €150m claims under current and prospective shareholder loans to publity Investor being contributed to PREOS.
Similar businesses to operate within the same group
In our opinion, the combination of Investor and PREOS is a natural step, as both focus on similar German office properties and aim to benefit from publity’s ‘manage to core’ strategy. Following the c €20m capital increase in Investor last December, publity has developed it into its own investment vehicle (with a property portfolio worth €600m after full development, according to publity), while in January 2019 it received an asset management mandate from PREOS, allowing the latter to benefit from its extensive real estate database. publity will continue to manage the combined assets and support the development of the real estate business.
publity to hold a majority stake in PREOS
Through his investment vehicles, Thomas Olek is the majority shareholder of both publity and PREOS, with more than a 74% share in the former and c 75% in the later. Consequently, the transaction should be approved by both parties. On completion of the deal, publity will hold a 66.21% stake in this newly formed real estate group valued at c €574m based on publity’s own estimates.
|
Historical financials
Source: publity |
|
||||||||||||
Edison Investment Research provides qualitative research coverage on companies in the Deutsche Börse Scale segment in accordance with section 36 subsection 3 of the General Terms and Conditions of Deutsche Börse AG for the Regulated Unofficial Market (Freiverkehr) on Frankfurter Wertpapierbörse (as of 1 March 2017). Two to three research reports will be produced per year. Research reports do not contain Edison analyst financial forecasts.
Research: TMT
IQE has recently announced the successful qualification, commencement of initial production and receipt of additional orders of wireless products destined for Asian supply chains, as well as the commencement of initial vertical cavity surface emitting laser (VCSEL) production for a second major customer at its new foundry in Newport. The share price has risen by 29% following the announcements, which demonstrate that IQE’s dominant position in the outsourced compound semiconductor epitaxy market gives resilience to reduced demand from individual customers.