Press Release




PRESS RELEASE

alstria sells three non-core assets for EUR 44.3 million post lockdown at a book gain of 11.6% to recent appraised value 

Hamburg, October 5, 2020 – alstria office REIT-AG (symbol: AOX, ISIN: DE000A0LD2U1), announces that it has sold three non-core properties in three independent transactions. All three transactions were marketed post lock-down.  

The total consideration for all three transactions amounted to around EUR 44.3 million and the combined annual rental income of the disposed assets was EUR 1.9 million. Two of the assets were sold at a premium and one property was disposed at the December 31, 2019 book value. The combined book gain amounted to 10.7% compared to the December 31, 2019 appraised value and a combined book gain of 11.6% to the June 30, 2020 appraised value.

The disposed properties include two smaller office assets in the outskirts of Stuttgart and Hamburg as well as a mixed used asset in Hannover. The transfer of benefits and burden is expected to take place in the fourth quarter of 2020. 

“We are continuing to streamline the portfolio and concentrating our portfolio on the very core of our markets”, says Olivier Elamine, CEO of alstria. “Despite the impact from the economic lockdown in the second quarter of 2020 related to the COVID-19 pandemic, the German office real estate market continues to be surprisingly strong also in secondary locations, proven by the substantial book gain we realized through our recent transactions”.

Contact                                    
Ralf Dibbern                          
Steinstrasse 7                                      
20095 Hamburg, Germany                  
+49 40 22 63 41-329                   
[email protected]

Further information 
www.alstria.com
www.beehive.work
www.twitter.com/alstria_REIT
www.linkedin.com/company/alstria-office-reit-ag

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About alstria:

alstria office REIT AG is the leading real-estate operator focusing solely on German office property in selected German markets. Our strategy is based on the ownership and an active management of our properties throughout their entire life cycle, strong added-value services to our customers and deep knowledge of the markets in which we operate. alstria strives for sustainable long-term value creation while taking advantage of short-term arbitrage of inefficiencies in the real estate markets. As of June 30, 2020, the portfolio comprises 111 buildings with a lettable area of 1.4 million square meters and a total portfolio value of EUR 4.4 billion.  

Disclaimer:
This release constitutes neither an offer to sell nor a solicitation of an offer to buy any shares. As far as this press release contains forward-looking statements with respect to the business, financial condition and results of operations of alstria office REIT-AG (alstria), these statements are based on current expectations or beliefs of alstria’s management. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or performance of the Company to differ materially from those reflected in such forward-looking statements. Apart from other factors not mentioned here, differences could occur as a result of changes in the overall economic situation and the competitive environment – especially in the core business segments and markets of alstria. Also, the development of the financial markets and changes in national as well as international provisions particularly in the field of tax legislation and financial reporting standards could have an effect. Terrorist attacks and their consequences could increase the likelihood and the extent of differences. 

The current COVID-19 outbreak is creating substantial uncertainty in the marketplace. Although alstria has diligently reviewed the information contained in this release it is based on its own analysis and estimate, as well as available public sources and not on active discussion with tenants. As such the current liquidity risk of the tenants can materially differ from alstria’s own estimate, and the actual impact of the COVID 19 outbreak may differ substantially from the current previsions.

alstria undertakes no obligation to publicly release any revisions or updates to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

Copyright © 2020 alstria office REIT-AG, All rights reserved.

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