DGAP-News: TLG IMMOBILIEN AG / Key word(s): Real Estate/Contract
TLG IMMOBILIEN announces full occupancy for the office property Kapweg in Berlin - 60% vacancy rate lowered to zero
- 60% vacancy rate (11,000 sqm) lowered to zero within two years
- Key figures for the property improved significantly
- Well-known, creditworthy tenants found
Berlin, 11 January 2019 - After most recently renting out around 2,000 sqm of office space to the District Office of Berlin-Mitte, TLG IMMOBILIEN AG (DE000A12B8Z4) was able to achieve full occupancy for the office property at Kapweg 3-5, 13405 Berlin. The property was added to the portfolio of the company in late 2016 with an EPRA Vacancy Rate of around 60% or around 11,000 sqm of vacant space. Asset management measures such as the relocation of tenants within the property combined with the strong demand for office space in the market in Berlin facilitated the continuous reduction of the high vacancy rate over the past two years. New tenants found for the property included the District Office of Berlin-Mitte and hello.de Berlin GmbH. The key figures for the property were optimised considerably:
"The full occupancy and other greatly improved key figures show how our team is making ideal use of active asset management and the positive market situation in Berlin to successfully reposition a property such as this one and adapt it to the prevailing market conditions", says Jürgen Overath, COO of TLG IMMOBILIEN. In addition to the development of a modern marketing strategy, tenants that were already in the property were relocated in order to make more efficient use of space as part of the repositioning measures. Additionally, structural measures were implemented in order to meet the needs of tenants, for example, and transform some unfinished areas into attractive office spaces.
The seven-storey office property at Kapweg 3-5 was built in 1997 and has a total lettable area of around 18,200 sqm as well as 182 underground car parking spaces. The space is flexible and can be arranged as private or open plan offices. The tenants are essentially traditional office users and medical practices. The property is situated on the popular Kurt-Schumacher-Platz, not far from Tegel Airport and in the direct vicinity of "Der Clou" shopping centre. The location of the property on Google Maps: Click here.
ABOUT TLG IMMOBILIEN AG
TLG IMMOBILIEN AG is a listed leading commercial real estate company in Germany that has been synonymous with real estate expertise for over 25 years. TLG IMMOBILIEN AG generates stable rental income and exhibits low vacancy rates, very good building stock and profits from its local employees' excellent market knowledge. As an active portfolio manager, TLG IMMOBILIEN AG is specialised in commercial properties for office and retail use: it focuses on managing a high-quality portfolio mostly comprising office properties in Berlin, Frankfurt/Main, Dresden, Leipzig and Rostock. The company also has a regionally diversified portfolio of retail properties in highly frequented micro-locations. The portfolio also includes seven hotels in Berlin, Dresden, Leipzig and Rostock. TLG IMMOBILIEN AG's properties stand out not only due to their excellent locations but also because of their long-term rental or lease agreements.
As at 30 September 2018, the property value amounted to EUR 3.7 bn. As at the same reporting date, the EPRA Net Asset Value per share amounted to EUR 23.58.
This publication contains forward-looking statements based on current views and assumptions of TLG IMMOBILIEN AG's management and made to the best of knowledge. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that could cause TLG IMMOBILIEN AG's revenues, profitability or the degree to which it performs or achieves its targets, to materially deviate from what is explicitly or implicitly stated or described in this publication. Therefore, persons who obtain possession of this publication should not rely on such forward-looking statements. TLG IMMOBILIEN AG accepts no guarantee or responsibility regarding such forward-looking statements and will not adjust them to future results or developments.
|Company:||TLG IMMOBILIEN AG|
|Phone:||030 - 2470 - 50|
|Fax:||030 - 2470 - 7337|
|Listed:||Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Stuttgart, Tradegate Exchange|
|End of News||DGAP News Service|