alstria office REIT-AG

Capital/Financing Update • Oct 22, 2009

News Details

Corporate | 22 October 2009 07:05

alstria office REIT-AG: alstria refinanced EUR 59 million in two non recourse loans

alstria office REIT-AG / Miscellaneous

22.10.2009

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* Two non recourse loans signed and funded
* Total refinancing of approximately EUR 59 million and additional CAPEX
line of around EUR 21 million secured by five properties in Hamburg,
Potsdam, and Magdeburg
* Syndicated loan balloon reduced from EUR 911 million to EUR 843 million
* Total repayment of the syndicated loan in the last 12 months amounts to
EUR 260 million

HAMBURG, October 22, 2009 - alstria office REIT-AG (symbol: AOX, ISIN:
DE000A0LD2U1), an internally managed Real Estate Investment Trust (REIT)
which is solely focused on acquiring, owning, and managing office real
estate in Germany, today reports the completion of two debt financings of
around EUR 80 million. EUR 59 million have been used to repay the main
syndicated loan. The additional amount of approximately EUR 21 million is a
CAPEX line which will be used for the funding of the ongoing redevelopment
of one Hamburg property.

The two new credit facilities are secured on a non recourse basis, one by a
vacant asset in Hamburg and the other by a portfolio of four assets located
in Hamburg, Potsdam, and Magdeburg with an average lease term of 7.3 years.
The two loans have a respective maturity of three and five years. The
average spread on both loans stands at around 150 bps above 3-M-Euribor.
Those loans do not have any major impact on the average cost of debt of the
company.

This refinancing is part of the overall strategy put in place by the
company in order to manage the overall balloon payment of its main facility
which matures at the end of 2011. This strategy includes the renegotiation
of the LTV covenants which has occurred in the first quarter 2009, selected
asset sales, and selected non recourse financing of assets. In the last 12
months, alstria has paid down EUR 260 million allowing a reduction of its
main loan facility from EUR 1,103 million to EUR 843 million.

'These financings earmark another important milestone in our stepwise
approach to strengthen alstria's financial position,' said Olivier Elamine,
CEO of alstria. 'With the balloon payment of the syndicated loan down to
EUR 843 million, with around EUR 60 million cash at hand, and more
refinancings and disposals in the pipeline, we see the company well
positioned to again carefully assess accretive growth opportunities as and
when they may crystallise.'

About alstria:

alstria office REIT-AG (alstria) is an internally managed Real Estate
Investment Trust (REIT) solely focused 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
based in Hamburg.

alstria owns a diversified portfolio of properties across attractive German
office real estate markets. Its current portfolio comprises 85 properties
with an aggregate lettable space of approximately 922,000 sqm and is valued
at approximately EUR 1.8 billion.

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.

For further information, please see: www.alstria.com

Disclaimer:

This release constitutes neither an offer to sell nor a solicitation of an
offer to buy any securities. The securities have already been sold.
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.

Media:
Christian Falkowski
Phone: +49 - 40 - 226 341 340
Email: pr@alstria.de

Investor Relations:
Brigitte Büchner
Phone: +49 - 40 - 226 341 329
Email: ir@alstria.de

22.10.2009 Financial News transmitted by DGAP

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Language: English
Company: alstria office REIT-AG
Bäckerbreitergang 75
20355 Hamburg
Deutschland
Phone: 040-226 341 300
Fax: 040-226 341 310
E-mail: info@alstria.de
Internet: http://www.alstria.de
ISIN: DE000A0LD2U1
WKN: A0LD2U
Indices: SDAX, EPRA, German REIT Index
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin, München, Hamburg, Stuttgart

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