DGAP-News: DO Deutsche Office AG / Key word(s): Real Estate/Preliminary Results Deutsche Office sells Westend Ensemble in Frankfurt and announces preliminary results for financial year 2014 (news with additional features) 29.01.2015 / 18:26 --------------------------------------------------------------------- DO Deutsche Office AG sells Westend Ensemble in Frankfurt and announces preliminary results for financial year 2014 Cologne, Frankfurt 29 January 2015. Today DO Deutsche Office AG ("Deutsche Office", symbol: PMOX, ISIN code: DE000PRME020), a leading office property company that focuses on German metropolitan regions and conurbations, has signed a notarised contract for the sale of the Westend Ensemble at Ludwig-Erhard-Anlage 2 - 8 in Frankfurt. The buyer, a private German investor consortium, has acquired the property with a usable floor space of around 35,000 sqm "as is" for EUR 82 million. In case of a full payment by 30 April 2015, the purchase price will reduced by the interest and cost savings achieved by Deutsche Office. A deposit was paid at the time of notarization. Financing was provided by the Swiss HFS Helvetic Financial Services AG. About half of the proceeds from the sale will be used for the repayment of outstanding liabilities on the property. The other half will be at the free disposal of the Company. The sale will further improve Deutsche Office's financing terms and debt position. The sale reduces the vacancy rate of the portfolio by more than 3 percentage points. Furthermore, Deutsche Office can now also reduce costs that impact both cash flow and profitability, such as vacancy-related ancillary costs that cannot be rebilled to tenants. "The sale of the Westend Ensemble is a logical continuation of our strategy of focusing on office buildings designed to support contemporary and sustainable use," says Jürgen Overath, Member of the Executive Board of Deutsche Office. In addition, Deutsche Office has announced its preliminary key figures for the financial year 2014. With revenues of around EUR 108 million, Deutsche Office generated Funds From Operations ("FFO") of approx. EUR 47 million, which is above the original guidance of EUR 44 - 46 million. The FFO per share totalled around EUR 0.27 based on the preliminary figures for 2014. "Based on these preliminary figures, we have achieved substantial FFO growth and, at the same time in the financial year 2014, laid the foundations for sustainable dividends in the future", said Alexander von Cramm, Member of the Executive Board of Deutsche Office. The Management Board will make its proposal for the distribution of profits from the financial year 2014 on the basis of the audited annual financial statements, which are to be published on 26 March 2015. At around 170 thousand sqm the rental performance in 2014 matched the high level achieved in the previous year. Thus, the rental performance represents around 18 percent of Deutsche Office's portfolio. Overall, around 45,400 sqm of this volume was attributable to new leases and around 124,300 sqm to lease renewals. Corporate contact: DO Deutsche Office AG Richard Berg Head of Investor Relations & Corporate Communications Email rberg@deutsche-office.de Telephone +49 (0)221 - 888 29 160 About DO Deutsche Office AG Deutsche Office is a leading exchange-listed office property company, focussing on German metropolitan regions and conurbations. As at 30 September 2014, its geographically diversified real estate portfolio contained 53 properties held as investments, with a total rental area of about 936,000 square metres and an attractive and broad tenant base. As at 30 September 2014, the properties had a market value of about EUR 1.8 billion. Deutsche Office's business model is based on the profit-oriented asset management of office properties in German metropolitan regions, underpinned by investment to increase and to maintain the value of the properties in the portfolio. The strategy also includes the acquisition of properties with potential for appreciation as well as exploiting potential sales opportunities, which are applied throughout the entire property cycle in order to capitalise the appreciation achieved and to invest in new properties. Additional information on Deutsche Office is available online at: http://deutsche-office.de +++++ Additional features: Document: http://n.equitystory.com/c/fncls.ssp?u=IAHDSESXVC Document title: Sale of Westend-Ensemble in Frankfurt and publication of preliminaey figures for FY 2014 --------------------------------------------------------------------- 29.01.2015 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. The DGAP 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: DO Deutsche Office AG Maarweg 165 50825 Köln Germany Phone: +49 (0)221 88829 100 Fax: +49 (0)221 88829 299 E-mail: info@deutsche-office.de Internet: www.deutsche-office.de ISIN: DE000PRME020 WKN: PRME02 Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin, Düsseldorf, München, Stuttgart End of News DGAP News-Service --------------------------------------------------------------------- 317689 29.01.2015
DGAP-News: Deutsche Office sells Westend Ensemble in Frankfurt and announces preliminary results for financial year 2014 (news with additional features)
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