Hamburg-based Alstria office REIT has reported a 170% increase in revenues to EUR 82.6mln in its financial results for 2007. The company statement said that as a result of the substantial growth in investment properties from EUR 1.29 bn to EUR 1.69 bn, revenues increased from EUR 30.1mln in 2006 to EUR 82.6mln in 2007.
Hamburg-based Alstria office REIT has reported a 170% increase in revenues to EUR 82.6mln in its financial results for 2007. The company statement said that as a result of the substantial growth in investment properties from EUR 1.29 bn to EUR 1.69 bn, revenues increased from EUR 30.1mln in 2006 to EUR 82.6mln in 2007.
The company also reported an increase in net asset value (NAV) of EUR 871mln, which is up around EUR 473mln (or 119%) as compared to the prior year. The NAV per share was EUR 15.55 at 31 December 2007.
Olivier Elamine, CEO of Astria, commented: 'In a short period of two years alstria has become one of the leading players in the German real estate capital market segment. Our full year numbers reflect this unique success story, and we will in our second year of operation pay a substantial dividend out of our recurring cash flow to our shareholders. This reflects the strength of our cash flow, and our confidence in our balance sheet. The buy and manage strategy proves to be the right approach in the current market conditions. We feel reinforced in our view that shareholder value in the German property market will be driven by long-term commitment and hard work on the assets.'
Elamine added that operations would be the main focus of the company in 2008 and that alstria will freeze its acquisition program and will not issue new capital at the current share price. 'We will start refurbishment projects and increase our leasing activities on the newly acquired assets. We also plan to sell between EUR 50 and 100 mln of mature assets in order to free up capital to be reinvested into our own portfolio.'
