alstria office REIT-AG
Deutsche Office sells EUR 116.8 million of non-core assets
DGAP-News: alstria office REIT-AG / Key word(s): Disposal
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: More information on: About alstria: Disclaimer:
2016-10-13 Dissemination of a Corporate News, transmitted by DGAP – a service of EQS Group AG. |
Language: | English | |
Company: | alstria office REIT-AG | |
Bäckerbreitergang 75 | ||
20355 Hamburg | ||
Germany | ||
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: | 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 |