22. Februar 2012 
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alstria office executed capital increase and acquires portfolio
Today alstria office REIT-AG placed 7,170,362 ordinary bearer shares with qualified investors as part of an accelerated bookbuilding process. The company increased its nominal share capital from €71,703,625 to €78,873,987, having partially used its authorised capital and excluded the subscription rights of the shareholders.
The shares are priced at €8.50 per share. The company will receive gross proceeds in the amount of approximately €60.9 m. The funds raised through the capital increase – after deduction of fees and expenses in connection with the issuance – will be used to finance the equity portion of the transaction announced on February 21, 2012.
The new shares will be admitted to trading without a prospectus on the Regulated Market segment of the Frankfurt Stock Exchange and the sub-segment of the Regulated Market with further post-admission obligations of the Frankfurt Stock Exchange (Prime Standard) and will carry full dividend rights for the year 2011.
The transaction is managed by Morgan Stanley Bank AG as Sole Bookrunner and Commerzbank as Co-Bookrunner.
alstria acquires portfolio of six buildings for €95 m
Pursuant to a purchase agreement dated February 16, 2012, alstria office REIT AG acquires an office property portfolio for a total consideration (AIC) of approximately €95 m. The six properties, located in the metropolitan areas of Dusseldorf, Frankfurt and Hamburg, are generating a passing rent of around €8 m per annum and have a weighted average unexpired lease term (WAULT) of 4 years. The portfolio, which includes the German headquarters of L’Oréal and the Wehrhahn Center in Dusseldorf, represents a total of around 71,500 sqm of office space and has a vacancy rate of around 26%. The transaction was brokered by BNP Paribas Real Estate.
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In line with alstria’s deleveraging plan, the transaction will be financed at 50% LTV. While the corporate LTV as per December 31, 2011 stood at 56.4%, it will decrease post transaction to 55.9%. It is alstria’s declared objective to further reduce its corporate LTV to 50% and below by financing new acquisitions with lower LTVs compared to the existing portfolio.
The shares are priced at €8.50 per share. The company will receive gross proceeds in the amount of approximately €60.9 m. The funds raised through the capital increase – after deduction of fees and expenses in connection with the issuance – will be used to finance the equity portion of the transaction announced on February 21, 2012.
The new shares will be admitted to trading without a prospectus on the Regulated Market segment of the Frankfurt Stock Exchange and the sub-segment of the Regulated Market with further post-admission obligations of the Frankfurt Stock Exchange (Prime Standard) and will carry full dividend rights for the year 2011.
The transaction is managed by Morgan Stanley Bank AG as Sole Bookrunner and Commerzbank as Co-Bookrunner.
alstria acquires portfolio of six buildings for €95 m
Pursuant to a purchase agreement dated February 16, 2012, alstria office REIT AG acquires an office property portfolio for a total consideration (AIC) of approximately €95 m. The six properties, located in the metropolitan areas of Dusseldorf, Frankfurt and Hamburg, are generating a passing rent of around €8 m per annum and have a weighted average unexpired lease term (WAULT) of 4 years. The portfolio, which includes the German headquarters of L’Oréal and the Wehrhahn Center in Dusseldorf, represents a total of around 71,500 sqm of office space and has a vacancy rate of around 26%. The transaction was brokered by BNP Paribas Real Estate.
| Portfolio overview | |||||||
| Property address | City | Total lettable area (sqm) | Vacancy | Annual net rent (EUR k) | WAULT (years) | ||
| Wehrhahn-Center | Dusseldorf | 22,000 | 26% | 2,810 | 4.6 | ||
| Georg-Glock-Strasse 18 | Dusseldorf | 10,500 | 0% | 1,720 | 5.0 | ||
| Ivo-Beucker-Strasse 43 | Dusseldorf | 7,900 | 0% | 1,100 | 2.3 | ||
| Stresemannallee 30 | Frankfurt/M. | 9,000 | 38% | 960 | 3.1 | ||
| Siemensstrasse 9 | Frankfurt/ | 9,600 | 34% | 860 | 1.9 | ||
| Bornbarch 2-12 | Hamburg/ | 12,500 | 40% | 580 | 6.8 | ||
| Total | 71,500 | 26% | 8,030 | 4.1 | |||
In line with alstria’s deleveraging plan, the transaction will be financed at 50% LTV. While the corporate LTV as per December 31, 2011 stood at 56.4%, it will decrease post transaction to 55.9%. It is alstria’s declared objective to further reduce its corporate LTV to 50% and below by financing new acquisitions with lower LTVs compared to the existing portfolio.
