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MarketScreener Homepage  >  Equities  >  Xetra  >  TLG Immobilien AG    TLG   DE000A12B8Z4

TLG IMMOBILIEN AG

(TLG)
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TLG IMMOBILIEN : is launching the development project “Annenhöfe” with 20,000 sqm of office space in central Dresden

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01/09/2020 | 03:18am EST
  • Planning permission has been awarded for the project 'Annenhöfe' on Postplatz in Dresden
  • Construction has started on around 20,000 sqm of office space
  • Expected completion in late 2022

Dresden, 9 January 2020 - With planning permission having been granted and all construction contracts awarded, TLG IMMOBILIEN AG (DE000A12B8Z4) is starting to build the office property 'Annenhöfe' with the 'working partnership Annenhöfe Dresden' (consisting of the Dresden branch of Wolff & Müller Hoch- und Industriebau GmbH & Co. KG, Ed. Züblin AG and WTC Wärmetechnik Chemnitz GmbH & Co. KG) as general contractor which was formed for the project. Land clearance work has now started on the plot of land situated on Postplatz in central Dresden (location on Google Maps), with completion expected by the end of 2022.

'We are proud to be starting the construction of another significant office property in the form of 'Annenhöfe' in Dresden so soon after the launch of our ongoing construction project 'NEO'. Overall, around 35,000 sqm of urgently needed office space will be built to modern standards right in the heart of the city', says Maik Müller, Senior Asset Manager at TLG IMMOBILIEN in Dresden. TLG IMMOBILIEN has been building the office property 'NEO' on Großenhainer Strasse since June 2019 (location on Google Maps). Sections of the lower floors have already been completed. The project, 43% of the space of which has already been rented out prior to completion, is set to finish in 2020 (www.neo-dresden.de).

About 'Annenhöfe'

The building project is being realised right in the old town of Dresden, not far from the historic Zwinger. 'Annenhöfe' will therefore enjoy outstanding transport connections in an optimal central location. Around 20,000 sqm of office and service space will be created on the currently undeveloped 7,431 sqm of prime real estate. The company also plans to create 264 parking spaces for cars and another 400 spaces for bicycles in the two-storey underground car park of the property. Marketing has already begun for the space (www.annenhoefe.de).

In early 2019, TLG IMMOBILIEN expanded its strategy of generating value within its portfolio through strategic investments and development activities. For the identified properties TLG IMMOBILIEN is now going to obtain building permits gradually and to start construction.

Visualisation of Annenhöfe

Name:

Visualisation of the office complex Annenhöfe on Postplatz, 01067 Dresden, TLG IMMOBILIEN AG

Copyright:

Knerer und Lang Architekten GmbH

Click to download…

CONTACT

Christoph Wilhelm
Corporate Communications

Phone: +49 30 2470 6355
E-mail: christoph.wilhelm@tlg.de

Oliver Sturhahn
Investor Relations

Phone: +49 30 2470 6089
E-mail: oliver.sturhahn@tlg.de

ABOUT TLG IMMOBILIEN AG

For over 25 years, the listed company TLG IMMOBILIEN AG has owned and rented out commercial properties in selected promising locations in Germany. The company continuously develops its portfolio and actively generates value through strategic investments and selected property acquisitions. As at 30 September 2019, its portfolio contains properties worth EUR 4.6 bn. As at the same reporting date, the adjusted EPRA Net Asset Value per share amounted to EUR 30.25. The portfolio comprises office properties in cities including Berlin, Dresden, Frankfurt/Main, Leipzig and Rostock. It also contains a regionally diversified portfolio of retail properties, primarily in the neighbourhood shopping segment, in promising micro-locations as well as seven hotels in top central locations. The properties of TLG IMMOBILIEN AG stand out not only due to their excellent locations but also because of their long-term rental or lease agreements. Its highly qualified employees guarantee extensive local market expertise at its individual locations.

This publication contains forward-looking statements based on current views and assumptions of TLG IMMOBILIEN AG's management and made to the best of knowledge. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that could cause TLG IMMOBILIEN AG's revenues, profitability or the degree to which it performs or achieves its targets, to materially deviate from what is explicitly or implicitly stated or described in this publication. Therefore, persons who obtain possession of this publication should not rely on such forward-looking statements. TLG IMMOBILIEN AG accepts no guarantee or responsibility regarding such forward-looking statements and will not adjust them to future results or developments.

Disclaimer

TLG Immobilien AG published this content on 09 January 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 09 January 2020 08:17:01 UTC

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Financials (EUR)
Sales 2019 232 M
EBIT 2019 179 M
Net income 2019 547 M
Debt 2019 2 334 M
Yield 2019 3,35%
P/E ratio 2019 5,56x
P/E ratio 2020 10,8x
EV / Sales2019 23,7x
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Average target price 30,11  €
Last Close Price 28,25  €
Spread / Highest target 23,9%
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Sascha Hettrich Chairman-Supervisory Board
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