DGAP-News: TLG IMMOBILIEN AG / Key word(s): Real Estate/Contract
TLG IMMOBILIEN lets 7,800 sqm of office space in Spreétage in Berlin
- An immediate successor to follow the departure of the main tenant
Berlin, 21 January 2019 - TLG IMMOBILIEN AG (DE000A12B8Z4) and a public institution have signed a rental agreement for around 7,800 sqm of office space and 64 parking spaces in the office property Spreétage at Kaiserin-Augusta-Allee 104-106, 10553 Berlin. The new tenant will take over the lettable area as soon as the previous main tenant moves out and carry out any necessary renovations itself. The tenancy starts in the second quarter of 2019, the rental agreement has a term of 10 years. This new agreement and other factors are having an extremely positive effect on the key figures for the property: the annualised in-place rent has increased by over 50% to a level consistent with the location and market. The EPRA Vacancy Rate in the property is around 0.5% and the weighted average lease term (WALT) will increase by 5.2 years to 8.0 years. These parameters will also have a positive effect on the valuation of Spreétage as at 31 December 2018.
"Following the departure of the previous anchor tenant, we are happy to have found a creditworthy, long-term successor", explains Juergen Overath, COO of TLG IMMOBILIEN. "As such, the ongoing status of full occupancy in Spreétage shows that we have successfully positioned the property through our asset management. This will now enable us to profit greatly from the consistently high level of demand for office space in Berlin at this location."
When Spréetage was acquired by TLG IMMOBILIEN in 2014, the EPRA Vacancy Rate for the property was around 13%. Through successful asset management, full occupancy was achieved in 2016. This can now continue uninterrupted due to the new rental agreement.
ABOUT THE PROPERTY
The visually striking, six-storey office building "Spreétage" contains 14,900 sqm of office space and was completed in 1996. It enjoys a central location in the Tiergarten locality of Berlin-Mitte and is situated on the bank of the Spree. In addition to a roof terrace, the property features an underground car park with 143 parking spaces. The location of the property on Google Maps: Click here.
PHOTO OF THE PROPERTY
ABOUT TLG IMMOBILIEN AG
For over 25 years, the listed company TLG IMMOBILIEN AG has owned and rented out commercial properties in selected promising locations in Germany. The company continuously develops its portfolio and actively generates value through strategic investments and selected property acquisitions. As at 30 September 2018, its portfolio contains properties worth in excess of EUR 3.7 bn. As at the same reporting date, the EPRA Net Asset Value per share amounted to EUR 23.58. The portfolio comprises office properties in cities including Berlin, Dresden, Frankfurt/Main, Leipzig and Rostock. It also contains a regionally diversified portfolio of retail properties, primarily in the neighbourhood shopping segment, in promising micro-locations as well as seven hotels in top central locations. The properties of TLG IMMOBILIEN AG stand out not only due to their excellent locations but also because of their long-term rental or lease agreements. Its highly qualified employees guarantee extensive local market expertise at its individual locations.
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|