alstria confirms record year of leasing with another 16,200 sqm of new leases
- 13,300 sqm leased in Darmstadt
- 2,900 sqm leased in "Brick and Brain" project in Hamburg
Hamburg, September 26, 2019 - alstria office REIT-AG (symbol: AOX, ISIN: DE000A0LD2U1) announces the signature of a new lease for around 13,300 square meters of office space in its asset in T-Online-Allee 1 (Darmstadt). The lease will start in mid-2020. This announcement follows the signature of a 29,100 square meter lease with Deutsche Telekom on the same asset in November 2018. In total, 42,400 square meters (around 74% of the office space) have been re-let in the building and will generate an annual rent of EUR 6.4 million. The current lease for the building will terminate in December 2019.
In Hamburg alstria signed a new lease for around 2,900 square meters of office space in its "Brick and Brain" (Amsinckstr. 28) refurbishment project. Through the investment in the asset the rent level will increase by 50% compared to the previous level, moving from EUR 10 to EUR 15 per square meter. The new lease will start in the second quarter of 2020 and generates a total rent of EUR 524,000 per annum.
"2019 continues to be a very strong year from a leasing perspective", says Olivier Elamine, CEO of alstria. "We are still capitalizing on a very strong letting market, as demonstrated by these two new leases".
The Darmstadt lease was brokered by JLL (Frankfurt), while the Hamburg lease was brokered by Grossmann and Berger.
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alstria office REIT AG is the leading real-estate operator focusing solely on German office property in selected German markets. Our strategy is based on the ownership and an active management of our properties throughout their entire life cycle, strong added-value services to our customers and deep knowledge of the markets in which we operate. alstria strives for sustainable long-term value creation while taking advantage of short-term arbitrage of inefficiencies in the real estate markets. The portfolio comprises 116 buildings with a lettable area of 1.5 million square meters and a total portfolio value of EUR 4.2 billion.
This release constitutes neither an offer to sell nor a solicitation of an offer to buy any shares. 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.
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