alstria office REIT-AG / Joint Venture
23.02.2010 07:09
Dissemination of a Corporate News, transmitted by
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HAMBURG, February 23, 2010 - alstria office REIT-AG, an internally managed
Real Estate Investment Trust (REIT), has agreed the terms of a joint
venture with the Hamburg-based Quantum Immobilien AG to refurbish the
Kaisergalerie in Hamburg. This asset is located in one of Hamburg's prime
areas called GroÃe Bleichen. Within this joint venture alstria sold a 51
percent stake to its partner, with which around EUR 13.5 m of liquidity are
generated for alstria. This transaction is part of the overall alstria
strategy to fund organic growth opportunities.
'This transaction allows alstria to crystallize the result of the hard work
of our asset managers,' said Olivier Elamine, CEO of alstria. 'GroÃe
Bleichen is one of the most attractive shopping streets in Hamburg. We are
very excited with the opportunities that the refurbishment of this asset
offers for alstria and its partners in the long term.'
The signing of this joint venture is the result of two years of asset
management efforts with respect to this asset located in GroÃe Bleichen
23-27 in Hamburg. It is planned that the joint venture refurbishes the
property after the move of the iconic Hamburg Ohnsorg-Theater to its new
location which is in another alstria building. The joint venture values the
property in line with the valuations as of year-end 2008 and 2009.
In 2008 alstria entered into the first joint venture with the developer and
fund manager Quantum Immobilien AG for the refurbishment of the Alte Post
building in Hamburg. A binding building permit has been granted in 2009.
The refurbishment is to be completed by the end of 2011.
About alstria:
alstria office REIT-AG (alstria) is an internally managed Real Estate
Investment Trust (REIT) solely focused on acquiring, owning and managing
office real estate in Germany. alstria was founded in January 2006 and
converted into the first German REIT in October 2007. The company is listed
in the SDAX on the Frankfurt Stock Exchange (symbol: AOX, ISIN:
DE000A0LD2U1) and is based in Hamburg.
alstria owns a diversified portfolio of properties across attractive German
office real estate markets. Its current portfolio comprises 77 properties
with an aggregate lettable area of approximately 867,000 sqm and is valued
at approximately EUR 1.6 billion.
The strategy of alstria is based on active asset and portfolio management
as well as on establishing and maintaining good relationships with key
customers and decision makers. alstria focuses on long-term real estate
value creation.
For further information, please see:
www.alstria.com
alstria.blogspot.com
Disclaimer:
This release constitutes neither an offer to sell nor a solicitation of an
offer to buy any securities. The securities have already been sold.
As far as this press release contains forward-looking statements with
respect to the business, financial condition and results of operations of
alstria office REIT-AG (alstria), these statements are based on current
expectations or beliefs of alstria's management. These forward-looking
statements are subject to a number of risks and uncertainties that could
cause actual results or performance of the Company to differ materially
from those reflected in such forward-looking statements. Apart from other
factors not mentioned here, differences could occur as a result of changes
in the overall economic situation and the competitive environment -
especially in the core business segments and markets of alstria. Also, the
development of the financial markets and changes in national as well as
international provisions particularly in the field of tax legislation and
financial reporting standards could have an effect. Terrorist attacks and
their consequences could increase the likelihood and the extent of
differences.
alstria undertakes no obligation to publicly release any revisions or
updates to these forward-looking statements to reflect events or
circumstances after the date hereof or to reflect the occurrence of
unanticipated events.
Media:
Janina Wismar
Phone: +49 - 40 - 226 341 340
Email: pr@alstria.de
Investor Relations:
Brigitte Büchner
Phone: +49 - 40 - 226 341 329
Email: ir@alstria.de
23.02.2010 07:09 Ad hoc announcement, Financial News and Media Release distributed by DGAP. Medienarchiv at |[![CDATA[|[a href="http://www.dgap-medientreff.de"|]www.dgap-medientreff.de|[/a|]]]|] and |[![CDATA[|[a href="http://www.dgap.de"|]www.dgap.de|[/a|]]]|]
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Language: English
Company: alstria office REIT-AG
Bäckerbreitergang 75
20355 Hamburg
Deutschland
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: SDAX, EPRA, German REIT Index
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin, München, Hamburg, Stuttgart
End of News DGAP News-Service
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DGAP-News: alstria office REIT-AG: new joint venture with Quantum to refurbish Hamburg's Kaisergalerie
| Source: EQS Group AG