DGAP-News: Prime Office REIT-AG / Key word(s): Real Estate/Contract
Prime Office REIT-AG: Another long-term lease extension for BMW Design
Center in Munich
27.11.2012 / 07:30
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Another long-term lease extension for BMW Design Center in Munich
- Lease with Semcon-Group prolonged early until September 2022
- Total letting performance since the beginning of 2012 increases to
about 32,000 square metres
Munich, 27 November 2012. Prime Office REIT-AG ('Prime Office'), a leading
listed property company with REIT status focused on investments and
management of prime office properties in Germany, prolonged the
Semcon-Group's lease in the BMW Design Center in Munich ahead of schedule.
The new lease now runs until September 2022. Semcon in Munich is the German
subsidiary of the globally operating, listed Swedish R&D services provider
with about 3,000 employees; it focuses mainly on automotive R&D.
Semcon is occupying about 3,600 square metres of the overall about 8,200
square metres of usable space in the building located in the
Hufelandstrasse. The lease with Semcon-Group would originally have expired
in September 2017 and was prolonged early at unchanged terms and
conditions. It now has an overall duration of ten years and runs until
September 2022. This is the second lease prolongation with a tenant of the
BMW Design Center this year. In June 2012, Prime Office had already
extended the lease with Bayerische Motoren Werke Aktiengesellschaft ('BMW')
to the end of September 2023.
This new contract brings the total space leased in financial year 2012 to
about 32,000 square metres, which represents 8.2 percent of the overall
rental space of the portfolio.
'The early and long-term prolongation of leases in our properties is
testament to our good relationship with our tenants and the strong quality
of our portfolio,' says Claus Hermuth, CEO of Prime Office REIT-AG.
Contact details
Prime Office REIT-AG
Richard Berg
Director Investor Relations / Corporate Communications
HopfenstraÃe 4
80335 Munich
Telephone +49. 89. 710 40 90 40
Facsimile +49. 89. 710 40 90 99
Email richard.berg@prime-office.de
About Prime Office REIT-AG
Prime Office REIT-AG (Symbol: PMO, ISIN DE000PRME012) with headquarters in
Munich is a leading property firm focusing on investments in high quality
office buildings in Germany as well as their facility and property
management. The company's portfolio consists of 14* office properties in
central locations across major cities and conurbations in Western Germany
with a total useable area of approximately 384,000 square metres. According
to a valuation performed by the property surveyor CB Richard Ellis, the 14
properties had a total market value of approximately 963.1 million euro as
at 30 June 2012. The property portfolio of Prime Office consists
exclusively of individual buildings in special locations. All holdings are
select modern office properties with an attractive architecture and quality
fit-out. The portfolio is broadly diversified across locations and tenants.
The properties are rented long-term to high credit-quality tenants. Prime
Office REIT-AG intends to generate stable long-term rental income using a
return-oriented approach to managing the existing portfolio based on broad
property, location and tenant diversification. Rental income is also
expected to grow consistently through the addition of suitable individual
properties. The company plans to become a leading specialised REIT for
prime office properties in Germany.
* Economic ownership of Imtech Headquarters, Hamburg, will be transferred
to the buyer on
31 December 2012
For additional information on Prime Office REIT-AG please visit us on the
Internet on: www.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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194729 27.11.2012
DGAP-News: Prime Office REIT-AG: Another long-term lease extension for BMW Design Center in Munich
| Quelle: EQS Group AG