DGAP-News Prime Office REIT-AG: registration as REIT joint-stock company
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DGAP-News: Prime Office AG / Key word(s): Miscellaneous
Prime Office REIT-AG: registration as REIT joint-stock company
07.07.2011 / 14:11
Prime Office REIT-AG: registration as REIT joint-stock company
- Company will be retroactively exempted from trade and corporate income
tax effective 1 January.
- Shares will be listed in the REIT segment of Deutsche Börse AG as of July
8, 2011
Munich, 7 July 2011. Prime Office AG (´Prime Office´), a leading property
firm focused on investments and management of prime office properties in
Germany, has been registered today as a REIT joint-stock company (Real
Estate Investment Trust) in the German trade register and will operate
under the name ´Prime Office REIT-AG´ going forward.
REIT joint-stock companies are exempt from trade and corporate income tax.
The tax exemption for Prime Office REIT-AG applies retroactively effective
1 January 2011. REIT joint-stock companies are also an attractive asset
class for investors. They offer the opportunity to make a daily tradable,
indirect real estate investment. Furthermore, REIT joint-stock companies
must comply with the rigorous transparency and debt criteria of the REIT
law that meaningfully minimise investment risk. Under the REIT law, REIT
joint-stock companies must distribute to its shareholders at least 90
percent of the distributable annual net profit determined pursuant to the
German Commercial Code.
´The IPO coincided with the transformation into a REIT which made ours the
first true REIT IPO in Germany. Due to Prime Office´s REIT status, our
investors will be able to benefit long-term from sustainable dividend
payments as provided for in the German REIT law´, says Claus Hermuth, CEO
of Prime Office.
The shares of Prime Office will be listed in the REIT segment of Deutsche
Börse AG on the next trading already.
Contact
Prime Office REIT-AG
Richard Berg
Director Investor Relations / Corporate Communications
Hopfenstraße 6
80335 Munich
Telephone +49. 89. 710 40 90 40
Facsimile +49. 89. 710 40 90 99
Email richard.berg@prime-office.de
About Prime Office REIT-AG
Prime Office REIT-AG (´Prime Office´) is a leading property firm focusing
on investments in high quality office buildings in Germany. The company´s
portfolio consists of 14 office properties in central locations across
major cities and conurbations in Western Germany with a total useable area
of approximately 385,000 square metres. According to a valuation performed
by the property surveyor CB Richard Ellis, the 14 properties had a total
market value of 970 million Euro as at 31 March 2011. The property
portfolio of Prime Office exclusively consists of individual buildings in
premium locations. All holdings are select modern office properties with an
attractive architecture and high building quality. The portfolio is broadly
diversified across locations and tenants. The properties are rented
long-term to high credit-quality tenants. Prime Office REIT-AG intends to
generate stable long-term rental income using a return-oriented approach of
managing the existing portfolio based on broad property, location and
tenant diversification. Rental income is also expected to grow consistently
through the addition of suitable individual properties. The company plans
to become a leading specialised REIT for prime office properties in
Germany.
For additional information on Prime Office REIT-AG please visit us in the
Internet on: www.prime-office.de.
Disclaimer
This press release is not a prospectus and, to the extent that it may
constitute an advertisement, does not constitute an offer to sell or the
solicitation of an offer to purchase the shares of Prime Office REIT-AG.
All offered shares in the context of the IPO have already been placed.
This release is not an offer of securities for sale in the United States of
America. Securities may not be offered or sold in the United States of
America absent registration or an exemption from registration under the
U.S. Securities Act of 1933, as amended (the ´Securities Act´). Any public
offering of securities to be made in the United States of America would be
made by means of a prospectus that could be obtained from Prime Office
REIT-AG and that would contain detailed information about the company and
management, as well as financial statements. There will be no public offer
of the securities in the United States of America.
Subject to certain exceptions, the securities referred to in this
publication may not be offered or sold in Australia, Canada or Japan or to,
or for the account or benefit of, any national, resident or citizen of
Australia, Canada or Japan.
End of Corporate News
07.07.2011 Dissemination of a Corporate News, transmitted by DGAP - a
company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
DGAP´s Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
Language: English
Company: Prime Office AG
Hopfenstraße 6
80335 München
Deutschland
Phone: +
Fax: +
E-mail: richard.berg@prime-office.ag
Internet: www.prime-office.ag
ISIN: DE000PRME012
WKN: PRME01
Listed: Regulierter Markt in Frankfurt (Prime Standard), München,
Stuttgart; Freiverkehr in Berlin, Düsseldorf
End of News DGAP News-Service
131261 07.07.2011
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