By: Vera Eckert
FRANKFURT: German real estate firm Alstria Office Reit plans to double its portfolio to six billion euros ($6.4 billion), its chief financial officer Alexander Dexne said in the Saturday edition of Boersenzeitung (BoeZ), without giving a date.
“It cannot be gauged how fast we can double the property portfolio,” Dexne said, adding it had taken the M-Dax listed company nearly 10 years to arrive at the current size since it floated in 2007.
Dexne said Alstria was always looking for acquisitions and currently had 250 million euros available in liquid assets.
Its loan-to-value rate had been lowered to 40 percent over the past 12 months to a level that would be maintained for the medium term, he said.
Alstria owns 108 buildings in places including Hamburg, the Rhine-Ruhr and Rhine-Main regions, Stuttgart and Berlin.
While it had not been able to tap opportunities in Munich, where prices had always been high, it viewed the city as attractive, as it does Berlin, Dexne said.
Its portfolio in Frankfurt amounts to 500 million euros and could benefit if there is a move towards the city as financial institutions leave London over Britain’s exit from the European Union, he said. ($1 = 0.9391 euros)
Source: Reuters