Alstria office REIT-AG Acquires Office Properties in Frankfurt and Düsseldorf
January 11, 2021 at 11:41 am
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alstria office REIT-AG announced the acquisition in two independent transactions of two office properties in core locations of Düsseldorf and Frankfurt. The office building in Düsseldorf, located at Corneliusstraße 36 comprises a lettable area of 3,100 square meters. The property was acquired from its previous corporate owner for an all-in cost of EUR 7.8 million (EUR 2,500 per sqm). It delivers an annual rental income of EUR 0.2 million (EUR 5.55 per sqm/month) and is fully rented on a short-term lease basis to its previous owner. Transfer of ownership was at the end of 2020. The office property in Frankfurt (Hanauer Landstraße 161-173) in the up-and-coming neighbourhood of the Frankfurt Eastend and in the immediate vicinity to the new ECB tower. It has a lettable area of 10,500 square meters and was acquired at an all-in cost of EUR 32.6 million (EUR 3,100 per sqm) from a group of private investors. The current annual rental income is EUR 0.6 million (EUR 10.50 per sqm/month). The property is currently 55% vacant and in need of short-
term refurbishment to be able to deliver its full potential. The transaction is expected to close in First Quarter 2021.
alstria office REIT AG is a Germany-based real estate investment trust (REIT) that focuses on acquiring, owning and managing office real estate in Germany. The Companyâs real estate operations cover asset management, property and technical management, as well as the office planning. It owns a portfolio of approximately 120 properties across Germany in Hamburg, Berlin, Bonn, Detmold, Dortmund, Dresden, Dusseldorf, Erfurt, Essen, Frankfurt, Halle, Hannover, Jena, Koln, Leipzig, Magdeburg, Mannheim, Munich, Neuss, Nurnberg, Potsdam, Stuttgart, Wiesbaden, Wuppertal, Wurzburg and Zwickau.