-
alstria strengthens proven
track record of access to debt financing in a difficult environment
- Gross cash inflow of EUR 56 million increases financing
flexibility
- 7-year term of the new loan improves maturity profile
of alstria’s liabilites
Hamburg, December 19, 2011 – alstria office REIT-AG
(symbol: AOX, ISIN: DE000A0LD2U1), the leading German office REIT, announces
the financing of its recent acquisitions.
Targeted financial structure successfully implemented
Taking advantage of its
strong market position, alstria invested approximately EUR 172 million in
value-enhancing acquisitions of German offices over the past 12 months. The
investments were mainly financed using the available cash raised through the
recent capital increase. As part of its deleveraging strategy it was alstria’s
target to lever the new acquisitions at around 40% LTV. This new loan allows
the company to achieve this target, while providing a gross EUR 56 million of cash
inflow, which will improve the company’s financial flexibility.
Attractive terms and improvement of maturity profile
The bullet loan provided by Berlin Hyp und Landesbank Berlin has a term of 7 years, thus
improving alstria’s average maturity of liabilities from 3.6 to 3.8 years. The
new interest rate exposure is fully hedged with a 3% interest rate cap.
"Our ability to finance a value-add
portfolio at a time of severe restrictions in property lending is not only a
testimony to the strength of our balance sheet, but also to the trust of the
lenders in alstria’s asset-management capability," said Olivier Elamine,
CEO of alstria. "This new inflow of EUR 56 million will increase our
financing flexibility and allow us to rapidly respond to opportunities that
might rise in the market”, added alstria’s CFO Alexander Dexne.
Portfolio data as of Jan 1, 2012
About alstria:
alstria office REIT-AG is an internally managed Real
Estate Investment Trust (REIT) focused solely on acquiring, owning and managing
office real estate in Germany. alstria was founded in January 2006 and was
converted into the first German REIT in October 2007. Its headquarters are in
Hamburg. The Company owns a diversified portfolio of properties across
attractive German office real estate markets. Its current portfolio comprises 79
properties with an aggregate lettable space of approx. 861,000 sqm and is
valued at approximately EUR 1.5 bn. The alstria office REIT-AG
strategy is based on active asset and portfolio management as well as on
establishing and maintaining good relationships with key customers and decision
makers. alstria focuses on long-term real estate value creation.
For further information, please contact:
Ralf Dibbern, IR/PR
Phone: +49 (0) 40 / 226
341-329
Email: rdibbern@alstria.de
More information on:
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.