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TLG IMMOBILIEN AG: TLG IMMOBILIEN AG acquires the office property 'astropark' in Frankfurt

DGAP-News: TLG IMMOBILIEN AG / Key word(s): Acquisition/Real Estate TLG IMMOBILIEN AG: TLG IMMOBILIEN AG acquires the office property 'astropark' in Frankfurt 20.07.2017 / 07:30 The issuer is solely responsible for the content of this announcement. TLG IMMOBILIEN AG acquires the office property "astropark" in Frankfurt

- Acquisition of the Green Building office property "astropark" in Niederrad, Frankfurt

- Total investment including transaction costs: EUR 97.2 m

- Contractual rent: around EUR 5.0 m p.a., EPRA Vacancy Rate: 21.9%, WALT: 4.5 years

- Well-established office property with high-quality fittings and extra potential for value creation

- Anchor tenants: B+S Card Service, Zentralverband Elektrotechnik, Fujitsu

Berlin/Frankfurt/Main, 20 July 2017 - TLG IMMOBILIEN AG is investing around EUR 97.2 m, including transaction costs, in the acquisition of the office property "astropark" in Frankfurt (Lyoner Str. 9, 60528 Frankfurt). The purchase price has been kept confidential. Seller of the property is a joint venture consisting of an international fund and the German management team of Barings Real Estate Advisers.

Built in 1992, the office property is situated in the Niederrad district of Frankfurt and enjoys a central location there. It has a lettable area of around 39,300 sqm with an EPRA Vacancy Rate of 21.9%. Its annualised in-place rent is currently around EUR 5.0 m. The largest tenants in the property are B+S Card Service GmbH, ZVEI Zentralverband Elektrotechnik u. Elektronikindustrie e.V. and Fujitsu Technology Solutions GmbH. The weighted average lease term (WALT) of the rental agreements is 4.5 years.

"This acquisition underlines our ability to acquire attractive properties for our portfolio yet again, even in a highly competitive market environment", says Niclas Karoff, member of the Management Board of TLG IMMOBILIEN AG. "Given the positive dynamism of the office property market in Frankfurt and the increasing attractiveness of the district of Niederrad, we see an opportunity to create additional value with this well-positioned property through our expertise in renting properties."