DGAP-News: TLG IMMOBILIEN AG / Key word(s): Real Estate/Contract
TLG IMMOBILIEN invests EUR 84.6m in acquisition of an office property portfolio comprising eight properties
- Portfolio consists of seven office properties (Berlin, Dresden, Magdeburg, Chemnitz, Stuttgart and Essen) and one hotel (Leipzig)
- Total investment volume EUR 84.6m
- Combined contractual rent of all properties approx. EUR 5.6m p.a.
- Average lease term (WALT) approx. 5.8 years
- EPRA vacancy rate of all properties approx. 12.5%
Berlin, 13 November 2015 - TLG IMMOBILIEN AG, which specialises in commercial properties, signed a purchase agreement yesterday for a real estate portfolio comprising seven office properties and one hotel. Sellers are several closed-end funds of DG ANLAGE Gesellschaft mbH and the deal was brokered by BNP Paribas Real Estate. The sale is subject to approval by the owners of the respective investment companies. Total transaction volume upon acquisition of all the properties will be EUR 84.6m.
The inner city location of all properties is good to excellent in their respective cities and the properties, having been constructed between 1995 and 2000, are modern and in good condition. The combined annual contractual rent of all the properties is approx. EUR 5.6m; the EPRA Vacancy Rate of the portfolio is approx. 12.5% and the weighted average lease term (WALT) is approx. 5.8 years.
"This portfolio contains outstanding properties which have potential in our core regions," said Niclas Karoff, member of the Management Board of TLG IMMOBILIEN AG, commenting on the transaction. "In particular the existing rent potential provides attractive leverage with respect to future asset management."
TLG IMMOBILIEN AG focuses on managing its portfolio of office properties in Berlin and other regional economic and growth centres in eastern Germany, including Dresden, Leipzig and Rostock. The Company currently holds hotels in Berlin, Dresden and Rostock.
"Including this acquisition, TLG IMMOBILIEN AG has already signed purchase agreements for office, retail and hotel properties with a volume of approx. EUR 229m this year and has partially closed these transactions" said Karoff, concerning the Company's acquisitions so far. TLG IMMOBILIEN AG's preliminary growth target for 2017 has been set at a portfolio value of EUR 2bn.
About TLG IMMOBILIEN AG
2015-11-13 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
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|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|