DGAP-News: TLG IMMOBILIEN AG / Key word(s): Contract/Real Estate
TLG IMMOBILIEN signs rental agreement for around 18,000 sqm of office space with the city of Dresden
- Contractual term: 7.5 years - start of tenancy: 1 July 2018
- Property fully occupied
- Rental income of around EUR 11.6 m secured by this triple net lease agreement
- Continuation of the long-standing business relationship with the city of Dresden as an anchor tenant in the office property portfolio of TLG IMMOBILIEN
The original rental agreement between the parties would have expired in the summer of 2019 as TLG IMMOBILIEN would not have extended the term due to the general technical situation of the building. For the city of Dresden, this would have meant the relocation of around 450 civil servants to mobile units until the completion of the new administrative centre on Ferdinandplatz in Dresden in 2025.
Through successful contractual negotiations, the previous rental agreement has been replaced by a triple net lease agreement combined with an increase in rent up to the level of the market. As a result, TLG IMMOBILIEN has secured a rental income of around EUR 11.6 m from this property for another 7.5 years whilst opening up potential for development at this promising location in the centre of Dresden.
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 in-come and exhibits low vacancy rates, very good building stock and profits from its local employees' excel-lent 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 region-ally 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 on-ly due to their excellent locations but also because of their long-term rental or lease agreements.
As at 31 March 2018, the property value amounted to EUR 3.5 bn. As at the same reporting date, the EPRA Net Asset Value per share amounted to EUR 22.09.
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|