WCM Beteiligungs- und Grundbesitz-AG, DE000A1X3X33

WCM Beteiligungs- und Grundbesitz-AG, DE000A1X3X33

14.08.2017 - 20:51:20

WCM continues to grow in H1 2017 - TLG IMMOBILIEN AG submits attractive takeover bid for WCM

WCM continues to grow in H1 2017 - TLG IMMOBILIEN AG submits attractive takeover bid for WCM

- Gross Asset Value up by 21.0% to EUR801.0m

- FFO I amounts to EUR11.5m in H1 (EUR8.3m in H1 2016)

- Rental income rises to EUR22.7 (EUR15.4m in H1 2016)

Frankfurt, 14 August 2017 - WCM Beteiligungs- und Grundbesitz-AG (WCM AG, ISIN: DE000A1X3X33) continued with its profitable growth also in H1 2017. In addition to the extension of the investment portfolio the first six months were marked in particular by the takeover bid of TLG IMMOBILIEN AG (TLG AG).

TLG IMMOBILIEN AG with attractive takeover bid for WCM shareholders

On 10 May 2017 TLG IMMOBILIEN AG published its intention to make an all-share offer to all WCM shareholders. The period for the acceptance of the offer expires on 5 September 2017. Combined, both companies will emerge as one of the leading stock listed commercial real estate specialists in Germany. Thus the conditions will be created to exploit the opportunities of the German office-, retail- and hotel-property market even more efficiently in the future.

Performance indicators improved again, EPRA NAV continues to rise

WCM's net income in H1 2017 improved to EUR17.0m after EUR13.4m in the same period of the previous year. The net income was subject to one-off costs in connection with the TLG AG transaction as well as market research expenses for the acquisition and financing of real estate-assets. The net income also reflects significantly improved rental income which was also driven by new assets which were acquired over the past twelve months. Funds from operations (FFO I) rose to EUR11.5m or EUR0.08 per share in comparison to the EUR8.3m or EUR0.07 per share in the comparable period of the previous year.

The EPRA Net Asset Value (NAV) improved to EUR376.9m (EUR2.81 per share) compared to EUR345.4m (EUR2.62 per share) as of 31 December 2016. The net loan-to-value (LTV) increased slightly to 56.2% as per 30 June 2017.

Portfolio continued to expand

The total value of WCM's portfolio as of 30 June 2017 amounted to EUR801.0m compared to EUR662.1m on the 31 December 2016. This was mainly attributable to the transactions, which were closed in the first three months of this year. Effective 1 February 2017 in Jena, Thuringia, a retail centre was acquired. The retail centre comprises a total rental space of around 12,300 square metres for a purchase price of EUR21.0m. The acquisition was financed partly through a mandatory convertible, subscribed by the vendor and converted on 31 May 2017 into 2.1 million WCM-shares which were issued at EUR2.90 each. The remaining amount was settled with EUR1.6m in cash and by taking over an already existing EUR13.0m loan.

In addition the EUR98.2m acquisition of three retail centres in the federal states of Baden-Wuerttemberg and Saxony-Anhalt with a total rental space of approximately 89,865 square metres was closed successfully at the end of March 2017.

The rental income for the first six months of the current year rose significantly to EUR22.7m versus EUR15.4m for the same period in 2016. The annualised rental income of WCM's portfolio now amounts to EUR47.5m and because of the new acquisitions is above the reported EUR38.3m at the end of 2016. New and extended leases were successfully closed in the first six months of the current business year. The EPRA vacancy is now at 4.5% compared to 3.8% at the end of 2016 because of new acquisitions. The weighted average lease time (WALT) stands at 7.8 years and the average cost of debt now stands at 1.9% p. a.Exceptional perspectives due to the TLG transaction On the occasion of the release of the half year results, the Management Board reiterates the forecast regarding FFO of EUR23m to EUR24m. Rental income for 2017 is expected to rise to the upper end or slightly above the communicated range of EUR42m to EUR44m.

As a result of the ongoing takeover of WCM AG by TLG AG both companies combined will emerge as a leading stock listed commercial real estate specialist in Germany. Together the group will exploit the opportunities of the German office-, retail- and hotel-property market and transform these into profitable growth.

Stavros Efremidis, CEO of WCM AG: "The first half of 2017 has been very positive for us. We were able to increase the gross asset value and the major financial results again. The combination of WCM AG and TLG AG with a portfolio value of around EUR 3bn will create the platform for further accretive growth. Thus the management board and the supervisory board welcome the envisaged creation of such a combined entity.

The complete half year-report as well as the company presentation is available at www.wcm.de in the Investor Relations section.

WCM Group Key IFRS Figures                   in kEUR 1 January - 1 January - Absolute Change in           WCM Key Income Figures 30 June 2017 30 June 2016 change %           Rental income 22,687 15,442 7,245 46.9           Net rental income 20,829 14,321 6,508 45.4           Consolidated profit for the period 16,975 13,372 3,603 26.9           FFO I 11,505 8,301 3,204 38.6           FFO I per share (in EUR) 0.08 0.07 0.01 14.3           FFO II 11,505 9,100 2,405 26.4           FFO II per share (in EUR) 0.08 0.08 0.00 0.0           EPRA Earnings 5,249 1,509 3,740 >100           Earnings per share (in EUR), undiluted 0.10 0.11 -0.01 -9.1           Earnings per share (in EUR), diluted 0.10 0.11 -0.01 -9.1                               in kEUR                   WCM Key Balance Sheet Figures 30 June 31 December Absolute Change in           2017 2017 2016 change %           Investment properties 800,999 662,073 138,926 21.0           Total equity & liabilities 869,548 710,273 159,275 22.4           Total equity 342,154 315,933 26,221 8.3           Financial liability 479,505 361,864 117,641 32.5           Net Loan-to-Value (LTV) in percent 56.2 53.1 3.1 5.8           EPRA NAV 376,907 345,366 31,541 9.1           EPRA NAV per share (in EUR) 2.81 2.62 0.19 7.3           EPRA NNNAV per share (in EUR) 2.55 2.39 0.16 6.7                                                   Key Portfolio Figures 30 June 2017 31 December 2016           Number of assets 57 53               Lettable area 426,198m² 324,031 m²               Annualised rental income in mEUR 47.5 38.3               EPRA net initial yield (NIY) in percent 5.1 5.1               EPRA vacancy rate in percent 4.5 3.8               Weighted Average remaining lease time (WALT) 7.8 8.9               Average cost of debt in percent 1.9 2.0                      

Divided by Segments Office Retail Number of assets 12 45 Lettable area 113,985 m² 312,213 m² Annualised rental income in kEUR 18,247 29,261 EPRA vacancy rate in percent 6.3 3.5 Weighted Average remaining lease time (WALT) 7.6 7.9  

About WCM AG

WCM Beteiligungs- und Grundbesitz-AG (WCM AG), with headquarters in Frankfurt am Main, is a specialised commercial real estate company. As a real estate proprietor, the focus is on long-term rental of high-quality office and retail properties in the major office locations in Germany. Since the operational restart in 2014, WCM AG has focused on an extensive network for the acquisition of properties as well as on value-creating asset management, in order to generate attractive long-term rental income and a steady cash flow. The portfolio has a gross asset value of around EUR800m. Shares of WCM AG are listed in the Prime Standard of Deutsche Börse AG and are included in the SDAX index since 21 December 2015.

Investor Relations: Gunnar Janssen Investor Relations WCM Beteiligungs- und Grundbesitz-AG +49 69 963 7319 10g.janssen@wcm.dewww.wcm.de

Press contact:

edicto GmbH Axel Mühlhaus/ Dr. Sönke Knop Eschersheimer Landstraße 42 60322 Frankfurt am Main +49 (0) 69-905505-51wcm@edicto.de

14.08.2017 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.The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.de

Language: English

Company: WCM Beteiligungs- und Grundbesitz-AG Bleichstr. 64-66 60313 Frankfurt am Main

Germany Phone: +49 (0)69 963 7319-10 Fax: +49 (0)69 963 7319-20 E-mail: g.janssen@wcm.de Internet: www.wcm.de ISIN: DE000A1X3X33 WKN: A1X3X33 Listed: Regulated Market in Frankfurt (Prime Standard), Hamburg, Stuttgart; Regulated Unofficial Market in Munich, Tradegate Exchange   End of News DGAP News Service

601409  14.08.2017 

@ dgap.de

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