Alstria: Hochtief buys back headquarters – new acquisitions for €62mn


Hochtief has bought back its company headquarters in Essen. The 24,300 sqm office building on Opernplatz 2 was previously owned by Alstria Office. Twelve years ago, Hochtief had sold and leased back the property from Prime Office, which was taken over by Alstria in 2015. The current purchase price, TD learned, was €40mn. Meanwhile, Alstria sold another office building to the tenant, the 12,500 sqm office building Ingersheimer Straße 20 used by Vector Consulting. The offered purchase prices were so high that the goal of an internal yield of 6 to 7 % was reached with these sales, Alstria explains. Taken together with the sale of a small apartment share in Hamburg, Alstria’s proceeds came to €85.8mn – 21% more than the latest valuation. At the same time, Alstria acquired three office buildings in Berlin (Wilmersdorf and Tiergarten) and Stuttgart (Handwerkstraße 4) with 20,300 sqm for a total of €62.2mn. The properties have an 18 % vacancy rate and are leased at only €7.20/sqm.

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