Press release
alstria acquires an office building in Düsseldorf
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8,200 sqm asset located in Immermannstrasse 40
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All-in cost of around EUR 16.8 m
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Asset generates around EUR 1.1 m of annual rent with an average lease length of 2.8 years
Hamburg, July 22, 2013
– alstria office REIT-AG (symbol: AOX, ISIN: DE000A0LD2U1), the leading German office REIT, announces the signature of a binding notarised sale-and-purchase agreement for the acquisition of an office building in Düsseldorf.
The asset, which is located in the heart of the city at Immermannstrasse 40, is also known as the Immermann Tower and develops 8,200 sqm of office space. The asset is a multi-tenant building with the main tenants being Peek & Cloppenburg and Allianz SE. It currently generates around EUR 1.1 m of rent per annum and has a vacancy rate of around 12.5% (around 1,000 sqm).
The acquisition is expected to close in the third quarter 2013 and will add around EUR 1 m to alstria’s FFO on a full year basis.
‘With this new acquisition alstria is increasing its footprint in the Düsseldorf market’, says Olivier Elamine, CEO of alstria. ‘Following successful sales in non-core regions, we are redeploying our portfolio where our operations have a strong presence and unique expertise.’
About alstria:
alstria office REIT-AG is an internally managed Real Estate Investment Trust (REIT) focused solely on acquiring, owning and managing office real estate in Germany. alstria was founded in January 2006 and was converted into the first German REIT in October 2007. Its headquarters are in Hamburg. The Company owns a diversified portfolio of properties across attractive German office real estate markets. As of March 31, 2013 the portfolio comprised 82 properties with an aggregate lettable space of 919,000 sqm and is valued at approximately EUR 1.6 bn. The alstria office REIT-AG strategy is based on active asset and portfolio management as well as on establishing and maintaining good relationships with key customers and decision makers. alstria focuses on long-term real estate value creation.
Contact:
Ralf Dibbern, IR/PR
Phone: +49 (0) 40 226 341 329
Email: rdibbern@alstria.de
More information on:
www.alstria.com
www.alstria.blogspot.com
www.twitter.com/alstria_REIT
Disclaimer:
This release constitutes neither an offer to sell nor a solicitation of an offer to buy any shares. As far as this press release contains forward-looking statements with respect to the business, financial condition and results of operations of alstria office REIT-AG (alstria), these statements are based on current expectations or beliefs of alstria’s management. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or performance of the Company to differ materially from those reflected in such forward-looking statements. Apart from other factors not mentioned here, differences could occur as a result of changes in the overall economic situation and the competitive environment – especially in the core business segments and markets of alstria. Also, the development of the financial markets and changes in national as well as international provisions particularly in the field of tax legislation and financial reporting standards could have an effect. Terrorist attacks and their consequences could increase the likelihood and the extent of differences. alstria undertakes no obligation to publicly release any revisions or updates to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.