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Alstria inks €230M Berlin office property sale; confirms FY'16 guidance

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Alstria inks €230M Berlin office property sale; confirms FY'16 guidance

, throughDO Deutsche Office AG,agreed to sell a property in Berlin for €230 million, and also confirmed itsguidance for fiscal 2016.

Thetransaction will allow alstria to reduce its net loan-to-value ratio to 44.9%from 49.0%.

AlstriaCEO Olivier Elamine said in a news release: "The sale of the Treptowersasset allows alstria to substantially de-risk its balance sheet. We will bere-investing the proceeds of this sale mostly in the Berlin market, however, onsmaller assets that better fit into the risk-return profile we are lookingafter."

Abinding and notarized agreement calls for the disposal of 100% of shares of thecompany holding the An den Treptowers 3, an approximately 90,000-square-meterbuilding in the German capital's Mediaspree submarket. The asset is 100% let toAllianz and the tenant will vacate its space when its lease is up in mid-2019.An den Treptowers 3 generates an annual rental income of €13.9 million.

Alstriareiterated that it expects to book revenues of €200 million and FFO of €115million for fiscal 2016.

is a 90.9%subsidiary of alstria.