alstria office REIT-AG: Sale of 'Kaisergalerie' by Quantum and alstria
Sale of "Kaisergalerie" by Quantum and alstria
Hamburg, July 18, 2017 - alstria VI. Hamburgische Grundbesitz GmbH & Co. KG, a 49/51 percent joint venture between alstria office REIT-AG and Quantum Immobilien AG, agreed on the sale of its property "Kaisergalerie" (Grosse Bleichen 23-27, Hamburg) for a total consideration of EUR 170 million. The 18,000 sqm property is located in Hamburg's highstreet shopping district.
The "Kaisergalerie" is a historic building in the Hanseatic City of Hamburg, which was built between 1907-1909 and served as the home of the well-known Ohnsorg theatre from 1936 to 2011. alstria acquired the asset in 2006 from the City of Hamburg and entered into a joint venture with Quantum in 2010. Following the move out of the Ohnsorg theatre the building was refurbishment from 2010-2014. Through the repositioning of the building and the conversion of the theatre area into high-end retail space alstria and Quantum substantially increased the value of the historic building and further improved the attractiveness of the inner city of Hamburg.
The final closing is subject to customary condition precedents for this kind of transaction and is expected for the fourth quarter of 2017.
The seller was advised by BNP Paribas Real Estate GmbH and Jebens Mensching LLP.
Contact: Quantum Immobilien AG Nadine Wiencke Dornbusch 4 20095 Hamburg Tel: +49 (0) 40 41 43 30 542 Email: email@example.com
alstria office REIT-AG Ralf Dibbern, IR/PR Bäckerbreitergang 75 20355 Hamburg Phone: +49 (0) 40 226 341 329 Email: firstname.lastname@example.org
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. The portfolio comprises 106 buildings with a lettable area of 1.5 million sqm and a total portfolio value of EUR 3.0 billion.
More about Quantum: www.quantum.ag
More about AFIAA: www.afiaa.com
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. 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.
18.07.2017 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.The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.deLanguage: English
Company: alstria office REIT-AG Bäckerbreitergang 75 20355 Hamburg
Germany Phone: 040-226 341 300 Fax: 040-226 341 310 E-mail: email@example.com Internet: http://www.alstria.de ISIN: DE000A0LD2U1 WKN: A0LD2U Indices: MDAX, EPRA, German REIT Index Listed: Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Hamburg, Munich, Stuttgart, Tradegate Exchange End of News DGAP News Service