DGAP-News: alstria office REIT-AG: 60,000 sqm leasing success in alstria's development portfolio secures EUR 14.8 million of annual rental income on a long-term basis
DGAP-News: alstria office REIT-AG
/ Key word(s): Miscellaneous
Press Release 60,000 sqm leasing success in alstria's development portfolio secures EUR 14.8 million of annual rental income on a long-term basis alstria has signed two new substantial leases for its development assets in Gustav-Nachtigal-Str. 3+5 (Wiesbaden) and Solmsstr. 27-37 (Frankfurt). With the new leases, both buildings are fully let to public tenants on a long-term basis. The combined annual rental income for the 60,000 square metres of lettable space amounts to EUR 14.8 million, which represents a rental growth of 52% compared to the prior rent. The combined capex of the modernisation measures, which will materially improve the quality of the assets, will amount to EUR 107 million and will result in an estimated yield on cost of 7.25%. The lease for the asset in Solmsstr. 27-37 (Frankfurt) has a maturity of 20 years and will start in the second half of 2021, whereby the lease length for the asset Gustav-Nachtigal-Str. 3+5 (Wiesbaden) is 15 years and will start in the second half of 2022. "The signature of these two leases allows us to get into our new development cycle with a pre-let quota of 61%", said Olivier Elamine, CEO of alstria office REIT-AG. "These two leases further highlight the uniqueness of the opportunities that exist within alstria's portfolio, and the ability of the company to convert these opportunities into incremental revenues and NAV growth." alstria was advised by Angermann Real Estate Advisory and legally by Hogan Lovells on the closing of the lease agreement in Frankfurt. Colliers International Deutschland GmbH advised on the lease agreement in Wiesbaden, legal advice was provided by Beiten Burkhardt. Contact IR/PR:
06.01.2020 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. |
Language: | English |
Company: | alstria office REIT-AG |
Steinstraße 7 | |
20095 Hamburg | |
Germany | |
Phone: | 040-226 341 300 |
Fax: | 040-226 341 310 |
E-mail: | [email protected] |
Internet: | http://www.alstria.de |
ISIN: | DE000A0LD2U1 |
WKN: | A0LD2U |
Indices: | MDAX, EPRA, German REIT Index |
Listed: | Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange; London, Luxembourg Stock Exchange, SIX, Vienna Stock Exchange |
EQS News ID: | 947241 |
End of News | DGAP News Service |
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947241 06.01.2020
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