- Pressemitteilung BoxID 547769
DEMIRE real estate group reaches growth target earlier than expected
Commercial rental space doubles to 810,000 m²
Annual net rent rises to roughly EUR 52.2 million
Focus is on the office, logistics and retail asset classes
DEMIRE Deutsche Mittelstand Real Estate AG ("DEMIRE", ISIN DE000A0XFSF0) reached its 2015 fiscal year target of a doubling in the total rentable space of its commercial real estate portfolio to 810,000 m² (year-end 2014: roughly 350,000 m2) earlier than expected. The annual net rent also doubled from EUR 25.4 million to now roughly EUR 52.2 million.
While in 2014, DEMIRE's portfolio was mainly focused on the office asset class, there was a targeted expansion in the portfolio in the year 2015 to include the logistics and retail asset classes - a move that further improved the risk profile of the entire portfolio through diversification. Rentable space currently consists of approximately 80 % office space, 9 % retail space and 8 % logistics space as well as 3 % others.
The acquisition of Logistikpark Leipzig marked the company's entry into the logistics asset class. This previous logistics complex belonging to the Quelle mail order company contains total rentable space of around 184,000 m². Contractual rents currently add up to EUR 4.0 million p.a. Thanks to the property's excellent location near the trade fair centre and the BMW plant and as a result of the high demand for logistics properties in Leipzig the Logistikpark offers further potential.
The purchase of the retail property Gutenberg-Galerie in Leipzig and the Kurfürsten Galerie in Kassel strengthen the retail asset class within DEMIRE's portfolio. The Gutenberg-Galerie possesses total rentable space of 20,750 m². Contractual rents currently amount to EUR 1.3 million p.a. The Kurfürsten Galerie has total rentable space of 21,469 m². Contractual rents total EUR 3.9 million. In addition to acquiring the property company of the Kurfürsten Galerie, DEMIRE also won a team of retail professionals that is now helping DEMIRE with the further development of optimisation of properties in this asset class.
The office asset class was further expanded with the acquisition of six properties that have long-term rental agreements with Deutsche Telekom AG. The latter commercial real estate portfolio consists of rentable space totalling around 144,000 m² and approximately 2,171 underground parking garage and above ground parking spaces. The contractual rent of this sub-portfolio is EUR 14.8 million p.a.
Hon.-Prof. Andreas Steyer, Speaker of the Executive Board (CEO) commented: "We are very pleased with the key figures from our strongly expanded portfolio. The valuation of our holdings of 13.2 times the contractual annual rents is, in our opinion, a conservative approach. With our acquisitions we have already reached our 2015 target, but want to continue growing. An increase in authorised capital and conditional capital is on the agenda for our General Meeting. After the corresponding approval of the General Meeting we will be able to continue to use DEMIRE's shares as a "currency", along with other refinancing instruments, as we did successfully in the year 2015. In the recent past we acquired properties in the context of three capital increases in kind and a cash capital increase. Through these capital measures, the share capital increased significantly overall from EUR 14.31 million to today's total of EUR 27.35 million. At the same time, DEMIRE's market capitalisation rose from EUR 25.75 million as of 31 December 2014, to its current level of EUR 137 million".
Dipl.-Kfm. (FH) Markus Drews, member of the Executive Board (COO) added: "With the rapid expansion in our portfolio and the achievement of a level of net rents of EUR 52.2 million, we have reached a critical mass that not only makes future growth easier in terms of possible refinancing conditions but in other ways as well. With a weighted average lease term (WALT) of around six years, DEMIRE is able to plan reliably and long term. With the Group's in-house asset, property and facility management, we have successively optimised the cultivation of our current holdings and can professionally integrate additional holdings. This will enable us to generate synergies and economies of scale in the cultivation and management of our holdings, increase the Group's income and realise the higher potential values of the properties. The further reduction in the vacancy rate offers tremendous optimisation and value-enhancing potential."
The information in this release contains forward-looking statements that are subject to various risks and uncertainties. Such forward-looking statements are based on current forecasts, expectations and estimates of DEMIRE's Executive Board at the time of their publication. Such statements constitute neither promises nor guarantees and are subject to various known and unknown risks and uncertainties, some of which are beyond DEMIRE's influence. These risks and uncertainties may lead to actual results differing materially from statements that are mentioned herein. DEMIRE accepts no obligation to update or adjust the forward-looking statements contained in this release to reflect events or circumstances after the date of this release.
DEMIRE Deutsche Mittelstand Real Estate AG
Leading holder of commercial real estate
DEMIRE Deutsche Mittelstand Real Estate AG is transforming itself into a leading holder of German commercial real estate. The core business activities of the Frankfurt/Main- headquartered real estate group consist of the acquisition, the management and the rental of commercial real estate and their further development, for example, through modification, modernisation or expansion, and increasing their value through their active portfolio management.
As of the end of July 2015, the commercial property portfolio consisted of more than 810,000 m2 of rentable space that mainly comprised office, logistics and retail properties. Annualised net rent excluding utilities amounts to approximately EUR 52.2 million. The portfolio's regional focus lies in Bavaria, North Rhine-Westphalia, Baden-Württemberg, Saxony, Hamburg and Bremen as well as in the Rhein-Main and Rhein-Neckar areas. The in-house asset, property and facility management ensures the optimum management and development of the holdings
The DEMIRE real estate group pursues a buy-and-hold-strategy combined with active portfolio management. It is concentrated on both the value-added and core-plus investment approaches. The combination of these two approaches offers a balanced risk-return ratio and attractive opportunities.
The real estate group's lean structure allows it to take action quickly and flexibly. The shares of DEMIRE Deutsche Mittelstand Real Estate AG (ISIN DE000A0XFSF0) are listed in the regulated market (General Standard Segment) of the Frankfurt Stock Exchange.
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