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- alstria agreed on a new loan of EUR 42.5 m and increases its financial flexibility
- LTV of 47% and 7 year term of the new loan further improve balance sheet quality
alstria office REIT-AG (symbol: AOX, ISIN: DE000A0LD2U1), the leading German office REIT, announces the financing of its DIVE portfolio. The loan is provided by Helaba Landesbank Hessen-Thüringen.
Cash inflow provides financial flexibility
Following the acquisition of six buildings worth EUR 95 m (DIVE portfolio) in early 2012, alstria successfully closed the financing of the transaction. The bullet loan has a term of 7 years, thus improving alstria's average maturity of liabilities from 3.2 to 3.4 years. alstria's intention is to draw down on the loan after it has identified an adequate use of the proceeds.
LTV of 47% further improves balance sheet ratios
In line with its long-term deleveraging strategy alstria further improved its financial structure. The LTV of the new loan amounts to 47% (LTV covenant of 65%) and therefore supports alstria's target to lower its corporate LTV to around 50% in the mid-term.
"The new loan is again testimony to the strength of our balance sheet and the trust of the lenders in alstria's asset management capability, as the maturity of the loan exceeds the remaining lease length of the portfolio", said Olivier Elamine, CEO of alstria. "Our recent positive trend in leasing up the vacant space in the portfolio is clearly supportive in this respect".
Press release Box-ID: 535640
alstria office REIT-AG
Fuhlentwiete 12
20355
Hamburg,
Germany
http://www.alstria.de
Contact
Mr
Ralf
Dibbern
+49 40 226341329
alstria office REIT-AG
alstria office REIT-AG is an internally managed 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. The Company owns a diversified portfolio of properties across attractive German office real estate markets. As of June 30, 2012 alstria's portfolio comprised 85 properties with an aggregate lettable space of approx.
930,000 sqm and is valued at approximately EUR 1.6 bn. 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.
