DGAP-News: TLG IMMOBILIEN AG / Key word(s): Real Estate/Contract
- The local District Office is renting 962 sqm, the rental agreement starts on 1 September 2017
- Europcar is renting approx. 200 sqm, the rental agreement started in March 2017
- The EPRA Vacancy Rate of the property has fallen by approx. 6.2%
Berlin, 22 May 2017 - Following the successful conclusion of its first rental agreements, TLG IMMOBILIEN AG has started to reduce the vacancy rate of the office property Kapweg 3-5, 13405 Berlin. The property had a vacancy rate of approx. 60% when it was acquired in August 2016 and was added to the company's portfolio in October 2016. Since then, first structural work has been carried out in order to make the property attractive to tenants.
As at 1 September 2017, 962 sqm of office space are being rented by the local District Office. A rent of EUR 13.00 per sqm per month was agreed. The transaction was brokered by Engel & Völkers Commercial.
Additionally, approx. 200 sqm of commercial space on the ground floor was rented out to Europcar for standard market rent. The rental agreement started in March 2017.
The conclusion of this rental agreements has caused the EPRA Vacancy Rate of the property to decrease by around 6.2%.
'We see the successful conclusion of this first agreements as confirmation that our property repositioning strategy is working. Given the quality of the properties and the strong level of demand for office space, we plan to reduce the vacancy rate of the property to effectively zero by the end of 2018', says Sven Graven, North Branch Manager at TLG IMMOBILIEN AG.
The office property was built in 1997 and has seven floors with a total lettable area of around 18,186 sqm. The space is flexible and can be arranged to accommodate single or open-plan offices. The current tenants include office users and medical practices. Situated on the bustling Kurt-Schumacher-Platz in the centre of a city district, the property is in direct proximity to the 'Der Clou' shopping centre, enjoys excellent transport connections and is close to Tegel airport.
About TLG IMMOBILIEN AG
As at 31 March 2017, the property value amounted to EUR 2.2 bn. As at the same reporting date, the EPRA Net Asset Value per share amounted to EUR 18.62.
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|