GxP German Properties AG

  • WKN: A2E4L0
  • ISIN: DE000A2E4L00
  • Land: Deutschland

Nachricht vom 16.07.2018 | 07:10

GxP German Properties AG: GxP German Properties Successfully Completes Additional Lettings in Erfurt, Hanover and Neu-Isenburg

DGAP-News: GxP German Properties AG / Key word(s): Real Estate

16.07.2018 / 07:10
The issuer is solely responsible for the content of this announcement.

GxP German Properties AG (ISIN: DE000A1YCNN8, WKN: A1YCNN) successfully completed another three lettings, this time involving office buildings in Erfurt, Hanover and Neu-Isenburg. All three of the deals represent lease renewals with incumbent tenants.

In the office building in Erfurt, which is located at Europaplatz 1-7 and has 31,790 square metres of lettable area, a government authority that occupies the building's largest rental unit of around 7,372 square metres extended its lease by ten years to end on 31 December 2028. As a result, the weighted average unexpired lease term (WALT) increased from 3.0 years to 5.0 years as of 01 July 2018. The office building was acquired in November 2016 by institutional investors together with GxP, who manages it on a third-party mandate.

The asset in Hanover, located at Rotenburger Strasse 24-28, represents an office building with a gross lettable area of around 11,068 square metres. Here, the lease of a dialogue marketing agency, which occupies around 1,880 square metres of office space in the building, was extended by another two years through 31 December 2020.

This building was acquired by institutional investors together with GxP German Properties AG in October 2015 and is managed by GxP on a third-party mandate. It is rented out to 98.75 percent and generates a net rent of approximately 1.09 million euros per year. The lease renewal pushed the weighted average unexpired lease term from 2.00 to 2.34 years as of 30 June 2018.

In the property in Neu-Isenburg, the unexpired lease with a software system consultancy for around 462 square metres of office space was extended by another six years and will end on 30 November 2024. The building is located at Siemensstrasse 12 and provides a gross lettable area of around 7,500 square metres. GxP bought it in December 2016 as part of the Thor portfolio, and it currently generates an annual net rent of more than 486,000 euros. The lease renewal pushed the weighted average unexpired lease term from 2.95 to 3.62 years as of 30 June 2018.

Press Contact:
Peter Dietze-Felberg
Wallstr. 16
D-10179 Berlin
TEL.: +49 (0)30 28 44 987 62
E-MAIL: gxp@rueckerconsult.de

Investor Relations:
GxP German Properties AG

Europa Center, 9th floor floor
Tauentzienstr. 9
D-10789 Berlin
TEL.: +49 (0)30 886 267 40
FAX: +49 (0)30 886 267 411
E-MAIL: info@gxpag.com

About GxP German Properties AG
Based in Berlin, GxP German Properties AG concentrates on the acquisition, portfolio management and asset management of office and retail real estate in Germany. The company's investment focus includes attractive commercial real estate in the segments "core+" and "value-add" in the country's metro regions as well as in selected midsize German cities. The strategy pursued by the company is to raise appreciation potential through active portfolio management, and to secure sustainable rent revenues at the same time. To this end, it relies on its long-term experience on the real estate market and its comprehensive network.

For more details, go to the company's homepage at www.gxpag.com

16.07.2018 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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