TLG grows despite sales – €880mn for Berlin’s Alex
TLG intends to invest €880mn in its new office construction on Berlin’s Alexanderplatz. An architectural competition is currently being prepared for the project. For its second new construction project at Dresden’s Annenhöfe, the company is figuring on a €60mn investment. TLG has initiated a comprehensive portfolio restructuring process. They plan to sell properties in rural regions with high need for asset management and retail properties without food retailers. Including arranged sales, the company estimates these non-strategic assets to be worth €256mn. Since late 2018, the portfolio has been down by 18 properties though its value has remained stable at €4.1bn. Rental income compared to Q1 2018 increased by 3.7 % to €57mn, FFO are up 8.7 % to €34.6mn. The AGM on 21 May will elect three new members of the supervisory board. Candidates are Lars Wittan (currently COO at Deutsche Wohnen) and Ouram representatives Klaus Krägel and Jonathan Lurie. A successor for exiting chairman Michael Zahn will be chosen afterwards. In addition, board member Stefan E. Kowski is resigning after only one year.
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