DGAP-News
Deutsche Office sells EUR 116.8 million of non-core assets
DGAP-News: alstria office REIT-AG / Key word(s): Disposal
Deutsche Office sells EUR 116.8 million of non-core assets
13.10.2016 / 17:40
The issuer is solely responsible for the content of this announcement.
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Deutsche Office sells EUR 116.8 million of non-core assets
13.10.2016 / 17:40
The issuer is solely responsible for the content of this announcement.
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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:
Ralf Dibbern, IR/PR
Phone: +49 (0) 40 226 341 329
Email: rdibbern@alstria.de
More information on:
www.alstria.com
www.alstria.blogspot.com
www.twitter.com/alstria_REIT
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
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