alstria office REIT-AG / Miscellaneous
17.12.2007
Release of a Corporate-announcement, transmitted by DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
---------------------------------------------------------------------------
alstria office REIT-AG Acquires the Office Real Estate Portfolio from
German Insurance Group HUK-COBURG
Total acquisition cost of EUR 53 m, annual passing rental income of EUR
3.3 m
Exit tax REIT benefit used in the deal
New leading German corporation acquired as key tenant
Portfolio of 5 office properties located in Hamburg, Berlin, Dusseldorf,
Cologne and Detmold
Vacancy rate of 3%
Hamburg, December 17, 2007 alstria office REIT-AG (symbol: AOX, ISIN:
DE000A0LD2U1), an internally managed Real Estate Investment Trust (REIT),
solely focused on acquiring, owning and managing office real estate in
Germany announced the signature of a purchase agreement with HUK-COBURG and
its subsidiaries for the acquisition under a sale and leaseback transaction
of a portfolio with 5 office properties.
The HUK-COBURG Insurance Group is a large German insurer with a
considerable offering of insurance products for private usage and far more
than eight million clients in Germany.
The assets will be acquired for an All-In Cost of approximately EUR 53 m
(EUR 1,791 per sqm) and will generate a passing rent of approximately EUR
3.3 m per annum (average of EUR 9.6 per sqm per month). The closing of the
transaction is expected to occur in the course of 2008, and is still
subject to cartel office clearance. The transaction will be financed
through the existing credit facility with a 55 to 60 % loan to value ratio.
The properties are located all across Germany in Hamburg, Berlin,
Dusseldorf, Cologne and Detmold. The total lettable is approximately 29,590
sqm, of which 57% will be leased back by HUK-COBURG or an affiliate company
of the insurance group on five to ten year leases. 40% is leased to third
party tenants, which includes Deutsche Bank and DATEV and 3% is vacant.
'This is the third sale and leaseback transaction that we execute since we
have converted into a REIT two months ago. Exit tax benefit has again
allowed both parties to improve the financials demonstrating the unique
competitive advantage of REITs. Given the limited numbers of REITs in
Germany this provides us with a unique competitive advantage for future
acquisitions', says Olivier Elamine CEO of alstria. 'We are delighted to
continue with HUK-COBURG as a core tenant the constructive relationship
that we have built during the acquisition process.'
'Following the execution of this transaction, we will have invested more
than EUR 470 m in German office properties this year, and we are close to
our target of investing EUR 500 m in 2007', added Alexander Dexne CFO of
alstria.
alstria was advised by Freshfields Bruckhaus Deringer
HUK-COBURG was advised by Linklaters and Catella.
About the company
alstria office REIT-AG 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, its headquarters
are based in Hamburg.
alstria office REIT-AG owns a diversified portfolio of properties across
attractive German office real estate markets. Its current portfolio
comprises 70 properties with an aggregate lettable space of approximately
770,000 sqm and is valued at approximately Euro 1.6 billion.
alstria intends to expand its portfolio significantly in the upcoming years
as part of a sustainable growth strategy based on selective investments and
active asset and portfolio management as well as on establishing and
maintaining good relationships with its key customers and decision makers.
For further information, please see: www.alstria.com
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.
Contact
Dr. Charlotte Brigitte Loos
Manager Public Relations & Investor Relations
Tel.: +49 40 226 341 329
Fax: +49 40 226 341 310
Email: pr@alstria.de
www.alstria.com
DGAP 17.12.2007
---------------------------------------------------------------------------
Language: English
Issuer: alstria office REIT-AG
Fuhlentwiete 12
20355 Hamburg
Deutschland
Phone: +49 (0)40 226 341 300
Fax: +49 (0)40 226 341 310
E-mail: info@alstria.de
Internet: www.alstria.de
ISIN: DE000A0LD2U1
WKN: A0LD2U
Indices: SDAX, EPRA, German REIT Index
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin, Hamburg, München, Stuttgart
End of News DGAP News-Service
---------------------------------------------------------------------------
DGAP-News: alstria office REIT-AG Acquires the Office Real Estate Portfolio from German Insurance Group HUK-COBURG
| Source: EQS Group AG