DGAP-News: Prime Office REIT-AG / Key word(s): Contract
Prime Office REIT-AG: Long-term lease extension for BMW Design Center
in Munich
12.06.2012 / 11:39
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Prime Office: Long-term lease extension for BMW Design Center in Munich
- Anchor tenant BMW extends lease for the property Hufelandstrasse in
Munich ahead of schedule and long-term
- New lease runs until the end of September 2023
- Lasting commitment of the tenant to the high-quality property
Munich, 12 June 2012. Prime Office REIT-AG ('Prime Office'), a leading
property firm focused on investments and management of prime office
properties in Germany, prolonged the lease for the BMW Design Center in
Munich with Bayerische Motoren Werke Aktiengesellschaft ('BMW') ahead of
schedule until the end of September 2023.
BMW is a globally leading car manufacturer and the parent company of the
BMW Group with the car and motorcycle brand BMW, the car brands MINI and
Rolls-Royce and the sub-brands BMW M and BMW i. BMW has been using about
4,600 square metres of the building's total usable space of 8,224 square
metres in the Hufelandstrasse since December 2001 as design centre. Semcon
Group, which holds a long-term lease (June 2017) for about 44 percent of
the spaces, is another tenant in the building. The original lease with BMW
would have expired by the end of September 2016. It was prolonged ahead of
schedule and now runs for more than eleven years.
The extension of the lease is testament to BMW's long-term commitment to
the attractive property and the location.
The extension of the contract with BMW is Prime Office's third lease
extension with existing tenants within a year that could be negotiated
substantially before the original contract would have expired. Another was
the lease with the Federal State of Baden-Württemberg for about 20,000
square metres of the Regional Authority for Compensation and Retirement in
Stuttgart-Fellbach. It could be extended in April 2011 to now December
2025. In addition, the lease for the Imtech Deutschland GmbH & Co. KG's
corporate headquarters in Hamburg was prolonged early to the end of
February 2023 in September 2011. In total, lease contracts for about 44,000
square metres or about 11 percent of the total rentable space could be
extended ahead of schedule and long-term. Overall, the firm's asset
management was able to conclude leases for about 58,000 square metres or 15
percent of the portfolio's total rentable space since the beginning of
2011.
'The fact that we could prolong leases ahead of schedule and long-term
highlights both the quality of our superior properties and the trusting
relationship with our tenants,' says Claus Hermuth, CEO of Prime Office
REIT-AG.
Contact details
Prime Office REIT-AG
Richard Berg
Director Investor Relations / Corporate Communications
Hopfenstrasse 4
80335 Munich
Telephone +49. 89. 710 40 90 40
Facsimile +49. 89. 710 40 90 99
Email richard.berg@prime-office.de
End of Corporate News
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Language: English
Company: Prime Office REIT-AG
HopfenstraÃe 4
80335 München
Germany
Phone: +49 (0)89 7104090 40
Fax: +49 (0)89 7104090 99
E-mail: richard.berg@prime-office.ag
Internet: www.prime-office.ag
ISIN: DE000PRME012
WKN: PRME01
Indices: SDAX
Listed: Regulierter Markt in Frankfurt (Prime Standard), München,
Stuttgart; Freiverkehr in Berlin, Düsseldorf
End of News DGAP News-Service
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173565 12.06.2012
DGAP-News: Prime Office REIT-AG: Long-term lease extension for BMW Design Center in Munich
| Source: EQS Group AG