alstria acquires office building in Hamburg
- alstria acquires an attractive office building in Hamburg
- Property is fully let and has immediate positive impact on alstria's cash flow
alstria office REIT-AG, an internally managed Real Estate Investment Trust (REIT), has agreed to acquire a single office building in Hamburg. The asset is fully let and will therefore contribute to alstria's cash flow with immediate effect.
The acquired office building is located in Hamburg City-Süd and was erected in 1994. It provides a lettable area of around 6,600 sqm and is let to two first class insurance companies. The lease contracts have an average lease length of 8.1 years. CORPUS SIREO Asset Management Commercial GmbH, who has managed the asset since 2007, coordinated the transaction process for the seller.
"This is the third asset acquired by alstria in our core market of Hamburg this year", said Olivier Elamine, CEO of alstria office REIT-AG." Since the end of 2010, alstria has been investing around EUR 67 million in office real estate at an average initial yield close to 7%. We see an increasing amount of acquisition opportunities in the German office market and look forward to taking advantage of them."
For further information, please see:
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. alstria office REIT-AG owns a diversified portfolio of properties across attractive German office real estate markets. Its current portfolio comprises 74 properties with an aggregate lettable space of approx. 820,000 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.