Alstria buys two assets in Berlin – Q1 marked by portfolio restructuring
Alstria has bought two office and retail buildings in Berlin’s Schöneberg and Wedding districts for about €12.1mn and €10.2mn. The properties are the Sparkasse branch on Hauptstraße 98-99 and the current headquarters of the BBQ education center on Maxstraße 3a, which according to Alstria will be re-let shortly. Both properties together earn about €800,000 annual rent, but the REIT anticipates potential increases of at least half a million euros. Alstria’s business in Q1 was generally marked by portfolio restructuring: After sales of non-strategic assets, rental income was lost and the firm had 3.1 % less revenue. FFO declined to €28.6mn, which was within the annual forecast. Group earnings, on the other hand, increased by nearly 70% thanks to sales proceeds, reaching €54.6mn.
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