alstria leases 5,400 sqm to the City of Hanover
Following the signature of this new lease the asset, which is undergoing a full-scale refurbishment, is now substantially pre-let on a long-term basis to the City of Hanover. The new lease will start in the second half of this year and allows alstria to further take advantage from the positive dynamics in the German leasing market.
The transaction was brokered by Engel & Völkers Commercial GmbH Hannover.
"We are very satisfied to start the year with this new lease", says Olivier Elamine, CEO of alstria. "In the past twelve months alstria has leased up around 12,500 sqm of newly refurbished office space, which will lead to an additional annual rent of EUR 1.8 m and support our organic growth."
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 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 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 September 30, 2013 alstria's portfolio comprised 79 properties with an aggregate lettable space of approx. 919,000 sqm and was 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.