TLG IMMOBILIEN AG acquires the office property 'astropark' in Frankfurt
DGAP-News: TLG IMMOBILIEN AG / Key word(s): Acquisition/Real Estate
TLG IMMOBILIEN AG acquires the office property "astropark" in Frankfurt
- Acquisition of the Green Building office property "astropark" in Niederrad, Frankfurt
- Total investment including transaction costs: EUR 97.2 m
- Contractual rent: around EUR 5.0 m p.a., EPRA Vacancy Rate: 21.9%, WALT: 4.5 years
- Well-established office property with high-quality fittings and extra potential for value creation
- Anchor tenants: B+S Card Service, Zentralverband Elektrotechnik, Fujitsu
Built in 1992, the office property is situated in the Niederrad district of Frankfurt and enjoys a central location there. It has a lettable area of around 39,300 sqm with an EPRA Vacancy Rate of 21.9%. Its annualised in-place rent is currently around EUR 5.0 m. The largest tenants in the property are B+S Card Service GmbH, ZVEI Zentralverband Elektrotechnik u. Elektronikindustrie e.V. and Fujitsu Technology Solutions GmbH. The weighted average lease term (WALT) of the rental agreements is 4.5 years.
"This acquisition underlines our ability to acquire attractive properties for our portfolio yet again, even in a highly competitive market environment", says Niclas Karoff, member of the Management Board of TLG IMMOBILIEN AG. "Given the positive dynamism of the office property market in Frankfurt and the increasing attractiveness of the district of Niederrad, we see an opportunity to create additional value with this well-positioned property through our expertise in renting properties."
The district of Niederrad in Frankfurt is situated in a well-connected location between the airport and the inner city, making it easily accessible by car and public transport. Originally designed as an office location, the district is currently evolving into an urban, mixed-use district due to extensive construction and redevelopment activities. In this context, the location is also becoming an increasingly popular residential location, not least due to its proximity to the banks of the Main river and the Frankfurt City Forest.
The office property "astropark" is situated in the heart of Niederrad and is a building complex consisting of three elements, each of which has two wings positioned in the shape of a star and allows for flexible space allocation. The elements of the building have eight floors. Its high-quality fittings, prestigious lobby with 24/7 service desk and restaurant round off the experience for the users of the property. The "astropark" has 648 parking spaces and is a Green Building with an LEED Gold certification.
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.
20.07.2017 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.