HAMBORNER REIT AG renews lease with core tenant in O3 office property in Cologne
Duisburg, 11 March 2021 - HAMBORNER REIT AG can report further successes in letting operations at its O3 office property in Cologne. In particular, it has agreed a long-term renewal of the lease with one of its biggest office tenants.
The main tenant, NetCologne, a company run by the city and one of the biggest regional telecoms service providers in Germany, has made a long-term commitment to the site and pre-emptively renewed its current lease for around 16,000 m² of office space until 31 January 2036.
The renewal increases the average remaining term of the leases in the property to 10.0 years.
"We are delighted that NetCologne, a renowned tenant of good credit standing, has made this commitment to our location in Cologne. The difficult overall economic circumstances and the greater reluctance to sign long-term agreements currently being seen among some tenants underlines the success of our letting operation," said HAMBORNER REIT AG's CEO, Niclas Karoff.
ABOUT HAMBORNER REIT AG
HAMBORNER REIT AG is a public company listed in the SDAX that operates exclusively in the property sector and is positioned as a portfolio holder for high-yield commercial properties. The company generates sustainable rental income on the basis of a diversified portfolio of properties distributed throughout Germany with a total value of around ?1.6 billion. The portfolio focuses on modern office properties at established locations as well as local supply properties as large-scale retail assets, retail parks, DIY stores and attractive high street properties in major German cities and mid-sized centres.
HAMBORNER REIT AG is distinguished by its many years of experience on the property and capital market, its consistent and sustainable dividend policy and its lean and transparent corporate structure. The company is a registered real estate investment trust (REIT) and benefits from corporation and trade tax exemption at company level.
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