News Detail

TLG IMMOBILIEN AG rents out another 4,750 sqm of space in the office property Kapweg in Berlin - vacancy rate falls to 26%

DGAP-News: TLG IMMOBILIEN AG / Key word(s): Contract/Real Estate

10.08.2017 / 07:00
The issuer is solely responsible for the content of this announcement.


Press release

TLG IMMOBILIEN AG rents out another 4,750 sqm of space in the office property Kapweg in Berlin - vacancy rate falls to 26%

- Several tenants are renting around 4,750 sqm of office space with various lease terms

- The rents in the new agreements are around 28% above the market level on average

- The EPRA Vacancy Rate of the property has fallen to 26%


Berlin, 10 August 2017 - Having rented out another 4,750 sqm of office space in Kapweg 3-5, 13405 Berlin, TLG IMMOBILIEN AG (DE000A12B8Z4) has successfully lowered its vacancy rate again. TLG IMMOBILIEN AG added the property to its portfolio in late 2016 with a EPRA Vacancy Rate of around 60% (approx. 11,000 sqm). Since then, structural measures have been implemented within the property in order to improve its competitiveness in the market and four rental agreements for around 5,900 sqm of space - more than half of the original vacant space - have been signed in under 12 months. Having rented out space to the District Office and Europcar in the first half of 2017, TLG IMMOBILIEN AG has successfully closed negotiations and signed agreements with various lease terms with two new tenants.

On average, in the first year the rents in the two new agreements are around 28% higher than the current market rent of 11.00 EUR/sqm at the location. These two new rental agreements have caused the EPRA Vacancy Rate of the property to fall to around 26%. TLG IMMOBILIEN is currently in negotiations with other potential tenants.

The office property at Kapweg 3-5 was built in 1997 and has seven floors with a total lettable area of around 18,200 sqm. The space can be arranged flexibly as individual offices or to be open plan. The tenants in the property currently comprise office users and medical practices. The property is situated on the popular Kurt-Schumacher-Platz in the heart of a district with optimal transport connections, not far from Tegel airport and in direct proximity to the shopping centre "Der Clou".

Photo:
Caption: Office building, Kapweg 3-5, D-13405 Berlin, TLG IMMOBILIEN AG
Copyright: Michael Fahrig
> Download here
www.kapweg-berlin.de


Contact:

Christoph Wilhelm
Corporate Communications
Phone: +49 30 2470-6355
E-mail: christoph.wilhelm@tlg.de
Sven Annutsch
Investor Relations
Phone: +49 30 2470-6089
E-mail: sven.annutsch@tlg.de
 

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 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.



10.08.2017 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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