DGAP-News: TAG Immobilien AG acquires portfolio of 360 residential units in Erfurt
(firmenpresse) - DGAP-News: TAG Immobilien AG / Key word(s): Miscellaneous
TAG Immobilien AG acquires portfolio of 360 residential units in
Erfurt
12.11.2012 / 10:30
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PRESS RELEASE
TAG Immobilien AG acquires portfolio of 360 residential units in Erfurt
(Hamburg, 12 November 2012) TAG Immobilien AG (TAG in the following) has
further expanded its residential real estate portfolio by acquiring more
than 360 centrally located residential units in Erfurt, the capital of the
German state of Thuringia. The purchase price of approx. EUR 29 million
includes the debt on the property.
The newly acquired properties comprise a contiguous residential complex,
which includes five buildings, an underground garage and an aboveground
parking garage. The total rental space of the property, which was acquired
in a share deal, exceeds 32,000 m². The ground-floor space is rented out to
retail chain stores, and there are offices on the first floor. All other
floors, with total floor area of 21,000 m², are residential, and consist of
various-sized 1- to 4-room apartments with a high occupancy rate of 97
percent. The properties, which are held as a leasehold estate, were built
in the early 1980s and renovated between 1999 and 2001.
This acquisition, too, is in line with TAG's strategy of investing at
locations where it already has properties. Thus, the newly acquired
portfolio can be cost-effectively managed by the TAG Group's existing
branch in Erfurt. The annual net rent is approx. EUR 3 million, so this
purchase will lead to a further increase in FFO (Funds from Operations).
'Our strategy for acquisitions is that they must lead directly to an
improvement in FFO and NAV. That is the case here: we will be able to
derive considerable contributions to the operating result from this
portfolio as early as next year. Our increasingly strong platform puts us
in a position to continue making smaller, attractive acquisitions that
complement our portfolio and strengthen its operating profitability,' says
Rolf Elgeti, CEO of TAG Immobilien AG.
Press enquiries:
TAG Immobilien AG
Investor&Public Relations
Britta Wöhner / Dominique Mann
Phone +49 40 380 32 300
Fax +49 40 380 32 390
pr(at)tag-ag.com
End of Corporate News
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Language: English
Company: TAG Immobilien AG
Steckelhörn 5
20457 Hamburg
Germany
Phone: 040 380 32 0
Fax: 040 380 32 390
E-mail: ir(at)tag-ag.com
Internet: http://www.tag-ag.comISIN: DE0008303504
WKN: 830350
Indices: MDAX
Listed: Regulierter Markt in Frankfurt (Prime Standard), München;
Freiverkehr in Berlin, Düsseldorf, Hamburg, Hannover,
Stuttgart
End of News DGAP News-Service
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192644 12.11.2012
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Unternehmensinformation / Kurzprofil:
Datum: 12.11.2012 - 10:30 Uhr
Sprache: Deutsch
News-ID 201952
Anzahl Zeichen: 4741
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Kategorie:
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