Sale of the prime Alte Post development project
The Alte Post building is one of the best-known buildings in the Hanseatic City of Hamburg. It is located at the corner of Poststrasse and Grosse Bleichen (Poststrasse 11), and was built between 1845 and 1847 on the basis of plans by the artist and architect Alexis de Chateauneuf. While restoring the historical façade, the inner structure of the building was completely rebuild and converted into high-end office and retail space over the past two years.
The final closing is subject to customary condition precedents for this kind of transaction, and is expected to close in the second quarter of 2012.
In 2008 Quantum Immobilien AG, Stenham Property Ltd and alstria office REIT-AG entered into a joint venture for the refurbishment of the Alte Post building in Hamburg.
About alstria VII. Hamburgische Grundbesitz GmbH & Co. KG:
alstria VII. Hamburgische Grundbesitz GmbH & Co. KG is a joint venture between alstria office REIT-AG on the one hand, and Quantum Immobilien AG and Stenham Property Ltd on the other hand, based in Oststeinbek. The company's only asset is the Alte Post building in Hamburg which was acquired in 2006.
About Quantum Immobilien AG:
Hamburg-based Quantum Immobilien AG was founded by Frank Gerhard Schmidt and Philipp Schmitz-Morkramer in 1999. It is an independent real estate group combining wide-ranging expertise in the areas of project development, institutional investment products and the management of real estate investments. The group's activities focus on metropolitan areas in Germany.
In its fund operations Quantum Immobilien AG offers investors various special real estate funds via its capital investment company as well as alternative investment products that do not fall under the German Investment Act (Investmentgesetz). From the end of 2005 until today assets under management have increased to around EUR 1.7 billion. The project development division covers the realization of the group's own real estate projects and joint ventures within the framework of entrepreneurial investments. To date development projects with floor space in excess of 800,000 sqm and total investment costs of around EUR 1.9 billion have been implemented.
About Stenham Property Ltd:
Stenham Property was formed in London in 1994 and is now a successful provider of real estate investment products with an investor pool that currently comprises more than 2,000 private and institutional investors. Stenham's investment strategy is to focus on high-value real estate projects in established locations and exclusively in core markets, such as Germany, the UK, Switzerland and Japan. Stenham's international team can rely on many years of experience and invests in varied projects either directly, or together with JV partners in the markets in question. Stenham Property currently manages an investment portfolio of around EUR 2.3 billion and has offices in London, Guernsey, Rotterdam, Cape Town and Johannesburg.
This release constitutes neither an offer to sell nor a solicitation of an offer to buy any securities. The securities have already been sold. 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.
alstria office REIT-AG
alstria office REIT-AG is the leading German Real Estate Investment Trust (REIT) focused solely on acquiring, owning and managing office real estate in Germany. alstria was founded in January 2006 and was converted into the first German REIT in October 2007. Its headquarters are in Hamburg. alstria office REIT-AG owns a diversified portfolio of properties across attractive German office real estate markets. Its current portfolio comprises 80 properties with an aggregate lettable space of approx. 864,000 sqm. The alstria office REIT-AG strategy is based on active asset and portfolio management as well as on establishing and maintaining good relationships with key customers and decision makers. alstria focuses on long-term real estate value creation.
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