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Successful financing of recent acquisitions
- alstria strengthens track record through access to debt financing in a difficult environment
- Gross cash inflow of EUR 56 million increases financing flexibility
- 7-year term of the new loan improves maturity profile of alstria's liabilities
alstria office REIT-AG (symbol: AOX, ISIN: DE000A0LD2U1), the leading German office REIT, announces the financing of its recent acquisitions.
Targeted financial structure successfully implemented Taking advantage of its strong market position, alstria invested approximately EUR 172 million in value-enhancing acquisitions of German office buildings over the past 12 months. The investments were mainly financed using the available cash raised through the recent capital increase. As part of its deleveraging strategy it was alstria's target to lever the new acquisitions at around 40% LTV. The new loan allows the company to achieve this target, while providing a gross EUR 56 million of cash inflow, which will improve the company's financial flexibility.
Improvement of maturity profile The bullet loan provided by Berlin Hyp und Landesbank Berlin has a term of 7 years, thus improving alstria's average maturity of liabilities from 3.6 to 3.8 years. The new interest rate exposure is fully hedged with a 3% interest rate cap.
"Our ability to finance a value-add portfolio at a time of severe restrictions in property lending is not only a testimony to the strength of our balance sheet, but also to the trust of the lenders in alstria's asset management capability," said Olivier Elamine, CEO of alstria. "This new inflow of EUR 56 million increases our financing flexibility and allows us to rapidly respond to opportunities that might arise in the market", added alstria's CFO Alexander Dexne.
This release constitutes neither an offer to sell nor a solicitation of an offer to buy any shares. 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 forwardlooking 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.
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