Alstria and IPD to develop German office rent index

Germany's Alstria office REIT and the Investment Property Database (IPD) have announced plans to jointly develop the German Office Rent Reversion Index (DMX) to enhance transparency in key German office markets. The index will allow participants to see discrepancies between prevailing market trends and rents in existing leases and adjustments made to them. The data is based on around 30,000 leases, representing 25 million m² of office space and will be regularly updated and maintained. The DMX is scheduled to be published twice per year, beginning in May 2008.

Olivier Elamine, CEO of the Alstria office REIT, commented: 'Alstria is proud to initiate and sponsor the new DMX Index with IPD. As the first German REIT, we are dedicated to improving the transparency of the information available on the market for the benefit of all market players. The DMX Index is a new approach to improve the understanding of the dynamics of the German office property market. It will provide twice a year reliable market information which will ideally complement the market data published by the real estate brokers.'

Founded in January 2006, Alstria was the first German property company to convert to a real estate investment trust last year. Astria's portfolio comprises 945,000 m² of leasable space and is valued at approximately EUR 1.9 bn.