DO DEUTSCHE OFFICE AG - Attractive exit price: Gross yield of c6%
- Sale of property with a vacancy rate of 7% with book profit
Cologne, Dusseldorf, July 16, 2015. DO Deutsche Office AG ("Deutsche Office", symbol: PMOX, ISIN: DE000PRME020) signed a notarized contract for the sale of Immermannhof in Immermannstrasse 65 in Dusseldorf. Purchaser is a German institutional investor.
The office and retail property is located right next to Dusseldorf's central station and has a total lettable area of approximately 22,000 sqm. The selling price was above IFRS book value as of December 31, 2014. Based on the annual actual rent the gross yield is c6%.
"The sale of Immermannhof in Dusseldorf is another successful example for our Active Asset Management Approach: We do value enhancing investments and reduce vacancy to realize attractive sale proceeds in the real estate cycle", says Jürgen Overath, spokesman of the Executive Board of Deutsche Office. "At the same time we use opportunities to make new investments in real estate with value-add potential - as seen with our acquisition in Stuttgart - which can be optimized as part of our active asset management approach," explains Jürgen Overath.
Benefits and obligations are expected to be transferred to the buyer in the course of Q3/2015.
Colliers International acted as broker in the transaction.
Contact for property related queries:
DO Deutsche Office AG
Jörg Kesting
Head of Asset Management
Email jkesting@deutsche-office.de
Telephone +49 (0)221 - 888 29 201
Contact for corporate queries:
DO Deutsche Office AG
Richard Berg
Head of Investor Relations & Corporate Communications
Email rberg@deutsche-office.de
Telephone +49 (0)221 - 888 29 160
About Deutsche Office
Deutsche Office is a leading, SDAX index listed office property company, focusing on German metropolitan regions and conurbations. As at 31 March 2015, its geographically diversified real estate portfolio currently contains 51 properties held as investment properties, with a total rental area of about 900,000 square metres and an attractive and broad tenant base. As at 31 March 2015, the properties had a market value of about EUR 1.8 billion. Deutsche Office's business model is based on the profit-oriented, active asset management of office properties in German metropolitan regions, underpinned by investment to increase and to maintain the value of the properties in the portfolio. The strategy includes the acquisition of properties with potential for appreciation as well as exploiting sales opportunities applied throughout the entire property cycle in order to capitalise the appreciation achieved and to invest in new properties.
Additional information on Deutsche Office is available online at:
deutsche-office.com
2015-07-16 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
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