DGAP-News: Prime Office REIT-AG: Long-term lease extension for Imtech Headquarters in Hamburg
(firmenpresse) - DGAP-News: Prime Office REIT-AG / Key word(s): Contract
Prime Office REIT-AG: Long-term lease extension for Imtech
Headquarters in Hamburg
29.09.2011 / 09:36
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- New leasing period runs until the end of February 2023
- Lease at current market level and standard market terms
- Tenant commitment to the high-quality property and its established
location
Munich, 29 September 2011. Prime Office REIT-AG (Symbol: PMO, ISIN
DE000PRME012), a leading property firm focused on investments in prime
office properties in Germany, prolonged the lease for the Imtech Germany
Group headquarters in Hamburg ahead of schedule. The new lease period
totals more than 11 years.
Imtech Germany is a leader in technical building equipment in Germany with
more than 5,200 employees at more than 60 locations and is part of the
listed Imtech N.V., headquartered in Gouda, Netherlands, which operates
throughout Europe. Imtech Germany has already opted for the high-quality
office property in Hamburg's Hammerstraße with approximately 12,500 square
meters as its headquarters five years ago. The original contract would have
expired at the end of February 2016.
The prolongation of the lease ahead of schedule reflects the tenant's
long-term commitment to the established location and to the high-quality
property. The contract was concluded at unchanged conditions and at
standard market terms and will expire by the end of February 2023.
'The prolongation with a high credit-quality tenant ahead of schedule is
testament to the advantageousness of our strategy that leads us to invest
in high-quality office properties and attractive locations in Germany. Our
portfolio of superior properties enables us to benefit from very low
vacancy levels and generate consistently stable, growing cash flows', says
Claus Hermuth, CEO of Prime Office REIT-AG.
Contact details
Prime Office REIT-AG
Richard Berg
Director Investor Relations / Corporate Communications
Hopfenstraße 4
80335 Munich
Telephone +49. 89. 710 40 90 40
Facsimile +49. 89. 710 40 90 99
Email richard.berg(at)prime-office.de
About Prime Office REIT-AG
Prime Office REIT-AG (Symbol: PMO, ISIN DE000PRME012) with headquarters in
Munich is a leading property firm focusing on investments in high quality
office buildings in Germany. The company's portfolio consists of 14 office
properties in central locations across major cities and conurbations in
Western Germany with a total useable area of approximately 385,000 square
meters. According to a valuation performed by the property surveyor CB
Richard Ellis, the 14 properties had a total market value of 970 million
Euros as at 31 March 2011. The property portfolio of Prime Office REIT-AG
exclusively consists of individual buildings in premium locations. All
holdings are select modern office properties with an attractive
architecture and high building quality. The portfolio is broadly
diversified across locations and tenants. The properties are rented
long-term to high credit-quality tenants. Prime Office REIT-AG intends to
generate stable long-term rental income using a return-oriented approach of
managing the existing portfolio based on broad property, location and
tenant diversification. Rental income is also expected to grow consistently
through the addition of suitable individual properties. The company plans
tobecome a leading specialised REIT for prime office properties in
Germany.
For additional information on Prime Office REIT-AG please visit us in the
Internet on: www.prime-office.de
End of Corporate News
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29.09.2011 Dissemination of a Corporate News, transmitted by DGAP - a
company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
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Language: English
Company: Prime Office REIT-AG
Hopfenstraße 4
80335 München
Germany
Phone: +49 (0)89 7104090 40
Fax: +49 (0)89 7104090 99
E-mail: richard.berg(at)prime-office.ag
Internet: www.prime-office.ag
ISIN: DE000PRME012
WKN: PRME01
Listed: Regulierter Markt in Frankfurt (Prime Standard), München,
Stuttgart; Freiverkehr in Berlin, Düsseldorf
End of News DGAP News-Service
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