DGAP-News: TLG IMMOBILIEN AG / Key word(s): Contract/Real Estate
TLG IMMOBILIEN acquires an attractive office property in Mannheim
- Property in a well-established office location in direct proximity to Mannheim City Airport
- Total investment approx. EUR 50.7 m
- Annualised in-place rent: approx. EUR 3.0 m, in-place rental yield: approx. 5.9%
- Occupancy rate (EPRA): approx. 89.4%, WALT: 3.9 years
- Anchor tenants: Deutsche Telekom (through GMG), Camelot Management Consultants, Euromaster
Built in 1994 and modernised in 2013, the office building "Theo & Luise" is in direct proximity to Mannheim City Airport. The third-largest city in Baden-Wuerttemberg is the economic heart of the Rhine-Neckar Metropolitan Region and is well known as an important transport hub in Germany. With a lettable area of around 25,400 sqm and an EPRA Occupancy Rate of 89.4%, the outstandingly well-connected office property boasts attractive potential for value creation. The annualised in-place rent is currently around EUR 3.0 m and the in-place rental yield is around 5.9% on the basis of the contractual rents. The weighted average lease term (WALT) of the rental agreements was 3.9 years as at the conclusion of the contract. The largest tenants in the property are Deutsche Telekom (through Generalmietgesellschaft GMG), Camelot Management Consultants and Euromaster. The office building has 401 parking spaces. The property is due to be added to the portfolio of TLG IMMOBILIEN in the first quarter of 2018.
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 2017, the property value amounted to EUR 2.4 bn. As at the same reporting date, the EPRA net asset value per share amounted to EUR 20.00.
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.