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WCM signs contract for announced purchase of office property in Frankfurt

01-28-2016 08:44 AM CET | Industry, Real Estate & Construction

Press release from: WCM Beteiligungs- und Grundbesitz-AG

• Closing expected for September 2015
• Annual rental income of EUR 4.8 million
• Weighted average lease term (WALT) of the property is around 20 years

Frankfurt, 22 June 2015 – WCM Beteiligungs- und Grundbesitz-AG (WCM AG, ISIN: DE000A1X3X33) today announced that the purchase agreement for the commercial property in Frankfurt whose acquisition had already been announced in an ad hoc disclosure dated 2 June 2015 was notarised today. The seller of the property is a subsidiary of Aareal Bank AG. The transaction forms part of WCM’s dynamic portfolio expansion.

The commercial property just bought was built in 2006 and has total rental space of approximately 28,400 m². With a current occupancy rate of 86.7 percent, annualised rental income amounts to around EUR 4.8 million. The property is in a prominent location on the south banks of the River Main and has a balanced mix of tenants including government institutions and subsidiaries of large corporations with excellent credit ratings. A total of 72 percent of the rental income is generated from a lease with the German federal state of Hesse that will run for another 24 years. The weighted average lease term (WALT) of the property as a whole is around 20 years. The purchase price on a 100 percent basis is approximately EUR 92 million. The closing of the transaction is expected for September 2015.

Adding the further property acquisitions announced in April, the future portfolio of WCM AG therefore comprises a total of 51 properties with a market value on a 100 percent basis of around EUR 437 million.

About WCM AG

Reflecting its strategic realignment implemented in 2014, WCM Beteiligungs- und Grundbesitz-AG (WCM AG) intends to position itself as one of the leading commercial property companies in Germany. As a holder of office and retail properties with a focus on major office locations, the company is on a dynamic growth path. In the mid-term WCM AG plans to build a portfolio with a value exceeding EUR 1 billion. The company utilises a comprehensive network for the acquisition of properties and value-enhancing portfolio management in order to generate long-term attractive rental income and a steady cash flow. WCM AG also intends to leverage further opportunities offered by the property market. The company's management, headed by CEO Stavros Efremidis, has extensive experience in the German property market in connection with the acquisition and management of properties and many years of capital market experience. The company has substantial corporate and trade tax loss carry-forwards. WCM AG (ISIN DE000A1X3X33) is listed on the Frankfurt Stock Exchange's General Standard.

Press contact:

edicto GmbH
Axel Mühlhaus/ Dr. Sönke Knop
Eschersheimer Landstraße 42, 60322 Frankfurt
069-905505-51
wcm@edicto.de

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