alstria office REIT-AG / Miscellaneous 21.10.2008 Release of a Corporate News, transmitted by DGAP - a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. --------------------------------------------------------------------------- alstria office REIT-AG: Debt refinancing of EUR 95 million completed New loan of EUR 95 million with 7 year maturity Spread at 115 bps above three-month EURIBOR Average total cost of debt on an corporate level stands at 4.6% LTV ratio of existing credit line declines to 57.5% from 58.8% HAMBURG, October 21, 2008 alstria office REIT-AG (symbol: AOX, ISIN: DE000A0LD2U1), an internally managed Real Estate Investment Trust (REIT) which is solely focused on acquiring, owning and managing office real estate in Germany, today reports the completion of a EUR 95 million debt refinancing. As alstria already announced earlier this year, the refinancing is part of an overall strategy intended to align the maturity of asset-specific business plans with the underlying financing while simultaneously increasing the flexibility of credit lines. Furthermore, this transaction together with recent asset sales reduces the LTV ratio under the existing credit line from 58.8% to 57.5%. This increases the flexibility within the companys most important credit facility. The new credit facility has a 7 year maturity and is priced at 115 bps above the three-month EURIBOR. It has an 80% loan to value and a 100% interest cover covenant. The new facility is secured on a non recourse basis against two assets from alstria´s Hamburg portfolio with long term lease contracts and high quality tenants. alstria has been working on reducing the LTV risk under its main facility since the end of the first quarter 2008, which allowed the company to secure non core asset sales and refinancing before the freeze of the credit market that has occurred. Olivier Elamine, alstria CEO comments: 'Having taken these steps, our balance sheet today can support a further yield expansion of more than 20 bps which would take the overall valuation yield of our portfolio to around 5.9%, reflecting a further potential devaluation of around EUR 70 million. Following our EUR 29.8 million write-down in the first six months of 2008, this gives us more leeway to react to further yield shifts in the market. Asset management will continue to be the main focal point within our portfolio over the coming months. However, we also anticipate the need for real estate companies to deleverage their balance sheets, as a consequence of the radical change in the credit environment. We will continue to focus our attention and efforts on this issue, as we have already done during the last six months.' 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 was converted into the first German REIT in October 2007. Its headquarters are based in Hamburg. alstria owns a diversified portfolio of properties across attractive German office real estate markets. Its current portfolio comprises 90 properties with an aggregate lettable space of approximately 943,000 sqm and is valued at approximately EUR 1.9 billion. alstria intends to expand its portfolio significantly in the upcoming years as part of a sustainable growth strategy. This strategy is 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 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: Simon Steiner Phone: +49 - 40 - 226 341 340 EMail: pr@alstria.de Investor Relations: Brigitte Büchner Phone: +49 - 40 - 226 341 319 EMail: ir@alstria.de DGAP 21.10.2008 --------------------------------------------------------------------------- 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: Debt refinancing of EUR 95 million completed
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