Coreo AG announces updates on expansion in Wiesbaden. Property portfolio of Coreo in Wiesbaden, the capital of the German state of Hesse, was expanded by around 5,000 m. The complete property area now amounts to more than 17,000 m with the acquisition of the property directly adjacent to the area acquired in September. The company plans to create residential building rights in accordance with the designation in the land use plan. The precise scope of the building use will be specified within the framework of a B-plan procedure. The sale of the properties in Bielefeld, Darmstadt, and Hanau with a total volume of EUR 7.5 million also marked the successful completion of the development of the Hydra portfolio acquired in the second half of 2018. The closing is expected to take place in the first quarter of 2021. The profits from the sale will be recognised in profit or loss in the 2020 consolidated financial statements. On the whole, Coreo generated profits of around EUR 5 million with the sales of the Hydra portfolio properties.