DGAP-News: TLG IMMOBILIEN AG / Key word(s): Real Estate/Contract
TLG IMMOBILIEN AG acquires high-quality hotel and office complex in central Dresden for EUR 28.2m
- Located directly across from central station - in immediate vicinity of Prager Straße
- Investment volume approx. EUR 28.2m
- Contractual rent EUR 1.66m p.a.
- Occupancy rate approx. 95%
Dresden/Berlin, 29 January 2016 - TLG IMMOBILIEN AG has acquired a hotel and office complex in a prominent location within Dresden's city centre. The seller is JP Commercial XIII S. à. r. l., and the total investment volume amounted to some EUR 28.2m. The prior asset manager, Prelios Immobilien Management GmbH, which had developed the office and hotel complex, conducted the transaction on behalf of the property's owner.
The property is located at Wiener Platz 8/9, 01069 Dresden, directly across from the central station, immediately adjacent to Prager Straße, one of the city's busiest pedestrianised high streets. The property has excellent public transport links, as it is located next to the central station and the large number of bus and tram stops in the vicinity.
The building was completed in 2008 to a high standard of quality. It has approx. 12,300 sqm of lettable space in total. At present, 95% of the space in the building complex has been let. The principal tenant is InterCityHotel GmbH, a company of the Steigenberger Hotel Group, which operates a hotel at the location with a total of 162 rooms. Contractual rent for the property amounts to approx. EUR 1.66m p.a., and the weighted average lease term (WALT) is around nine years.
"This acquisition is a very good fit for our portfolio. It is a high-quality property in an excellent location which will generate attractive cash flows for years to come", said Niclas Karoff, Member of TLG IMMOBILIEN AG's Management Board. "As one of the largest growth and tourist hubs in eastern Germany, Dresden offers interesting perspectives for office landlords and hotel operators alike. In addition, we expect further enhancement for the micro-location going forward thanks to the immediately adjacent 'Prager Carrée' development project, which will see a mix of residential and retail use", said Karoff.
About TLG IMMOBILIEN AG
|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|
|End of News||DGAP News Service|