alstria leases around 6,100 sqm in Frankfurt
- Successful re-letting of former KMPG building in Frankfurt Mertonviertel
- Rapid lease-up is testimony to alstria's strong asset management expertise
alstria office REIT-AG (symbol: AOX, ISIN: DE000A0LD2U1), the leading German office REIT focused solely on acquiring, owning and managing office real estate in Germany, is announcing that it has agreed a long-term lease on its Mertonviertel asset in Frankfurt.
The new tenant, a leading German tour operator, signed a 10-year lease contract for around 6,100 sqm of office and ancillary space in the 9,200 sqm building. The start of the lease is planned for the third quarter of 2011, shortly after the building will be vacated by the current tenant KPMG.
"The speed at which alstria was able to re-let the asset in the Mertonviertel demonstrates the strengths of our asset management expertise even outside of our core Hamburg market", said Olivier Elamine, CEO of alstria.
The lease transaction was brokered by the Frankfurt branch of AENGEVELT real estate.
More information about the Mertonviertel business district can be found on the website of the Mertonviertel initiative: http://www.mertonviertel-frankfurt.de/
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. Its current portfolio comprises 74 properties with an aggregate lettable space of approx. 813,000 sqm and is valued at approximately EUR 1.4 bn.
alstria office REIT-AG's 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.