M&A Activity • Dec 21, 2012
M&A Activity
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Corporate | 21 December 2012 13:55
alstria office REIT-AG: Sale of an asset in Düsseldorf
alstria office REIT-AG / Key word(s): Real Estate/Disposal
21.12.2012 / 13:55
Press release
Sale of an asset in Düsseldorf
– Sale of a building after lease-up
– In 2012 alstria sold assets worth 18.7 m (annual rent of EUR 1.3 m)
– Average premium to appraised value of 4.9%
Hamburg, December 21, 2012 – alstria office REIT-AG (symbol: AOX, ISIN: DE000A0LD2U1), the leading German office REIT, announces the sale of an asset in Düsseldorf to the fund FLE SICAV FIS based in Luxemburg.
Disposal unlocks additional value
The asset located in the periphery of Düsseldorf (Benrather Schlossallee) was successfully sold for EUR 7.6 m, representing a premium of 7.7% to the latest appraised value. The transaction is expected to be closed in the first quarter of 2013. The building, which was acquired at the end of 2007 with a short-term lease, has been re-let on a long-term basis in the course of 2011. In the lease-up process the rental income on the property was increased by around 15%. The transaction was brokered by Colliers International.
Asset sales of EUR 18.7 m in 2012
In the course of 2012 alstria sold four assets for a total consideration of EUR 18.7 m in Nuremberg, Hamburg, Dresden and Düsseldorf at an average premium to book value of 4.9%. The combined contractual rent amounts to EUR 1.27 m per annum, reflecting an average disposal yield of 6.8% (vs. valuation yield of 7.1% as of Dec. 31, 2011).
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 September 30, 2012 the portfolio comprised 84 properties with an aggregate lettable space of 927,000 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: [email protected]
More information on:
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.
End of Corporate News
21.12.2012 Dissemination of a Corporate News, transmitted by DGAP – a company of EquityStory AG.
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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: | SDAX, EPRA, German REIT Index |
| Listed: | Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin, Hamburg, München, Stuttgart |
| End of News | DGAP News-Service |
| - - - |
| 197744 21.12.2012 |
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