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alstria office REIT-AG
Report Publication Announcement • Oct 13, 2016
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Report Publication Announcement
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News Details
Corporate | 13 October 2016 17:40
Deutsche Office sells EUR 116.8 million of non-core assets
DGAP-News: alstria office REIT-AG / Key word(s): Disposal
2016-10-13 / 17:40
The issuer is solely responsible for the content of this announcement.
Press release
Deutsche Office sells EUR 116.8 million of non-core assets
Hamburg, October 13, 2016 – Deutsche Office, a 90.9% subsidiary of alstria office REIT-AG (symbol: AOX, ISIN: DE000A0LD2U1), has sold EUR 116.8 million of non-core properties in multiple transactions.
Over the recent weeks Deutsche Office successfully sold seven assets for a total consideration of around EUR 116.8 million. The disposed assets with a combined annual rental income of EUR 8.6 million were sold at a book gain of 3.7% to the most recent appraised value.
The assets disposed include the last two assets of the group in the Munich area, three assets in the Nuremberg area, a mixed used asset (hotel and office) in Heilbronn, as well as a logistic asset near Frankfurt. They were all part of the EUR 200 million of non-core assets of Deutsche Office.
The remaining part of Deutsche Office’s non-core portfolio is expected to be sold in the course of 2017. The Company plans to reinvest the proceeds in Germany’s major office markets in line with the group’s acquisition criteria.
In parallel alstria acquired an office building in Berlin for a total consideration of EUR 8.4 million which generates an annual rental income of EUR 526 k with a WAULT of 7.9 years.
As the transfer of benefits and burden of the disposed assets will take place in the course of the fourth quarter 2016 alstria confirms its financial guidance for FY 2016 (revenues EUR 200 million, FFO (after minorities) of EUR 115 million).
‘alstria will remain focused on office properties located in the German main office markets’, said Olivier Elamine, CEO of alstria office REIT-AG. ‘The concentration on just one asset class and the establishment of sizable sub-portfolios in Germany’s most attractive markets is the key for alstria’s efficiency and competitiveness in the German office market.’
Contact:
Ralf Dibbern, IR/PR
Phone: +49 (0) 40 226 341 329
Email: [email protected]
More information on:
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 combination of alstria and Deutsche Office creates the leading listed German office real estate company with a combined portfolio of 117 office buildings comprising 1.7 million sqm of lettable space and representing a total portfolio value of approximately EUR 3.3 billion (as of June 30, 2016). 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.
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.
2016-10-13 Dissemination of a Corporate News, transmitted by DGAP – a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
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| Language: | English |
| Company: | alstria office REIT-AG |
| Bäckerbreitergang 75 | |
| 20355 Hamburg | |
| Germany | |
| Phone: | 040-226 341 300 |
| Fax: | 040-226 341 310 |
| E-mail: | [email protected] |
| Internet: | http://www.alstria.de |
| ISIN: | DE000A0LD2U1 |
| WKN: | A0LD2U |
| Indices: | MDAX, EPRA, German REIT Index |
| Listed: | Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Hamburg, Munich, Stuttgart, Tradegate Exchange |
| End of News | DGAP News Service |