Germany's Alstria Office REIT swung to a loss of EUR 56 mln in 2008 from a profit of EUR 52 mln a year before. Net Asset Value (NAV) amounted to EUR 729 mln, down 16% on 2007's levels of EUR 870 mln. The decrease mainly reflected the revaluation of its investment portfolio.
Germany's Alstria Office REIT swung to a loss of EUR 56 mln in 2008 from a profit of EUR 52 mln a year before. Net Asset Value (NAV) amounted to EUR 729 mln, down 16% on 2007's levels of EUR 870 mln. The decrease mainly reflected the revaluation of its investment portfolio.
The company said it has successfully renegotiated the debt covenant from 60% to 65% to offer additional flexibility. it is proposing a dividend of EUR 0.52 per share for 2008, which will be offered in cash or shares.
For 2009, Alstria expects an increase in revenues to EUR 103 mln. 'As early as January 2008 Astria was among the first companies to adjust to the new environment. We decided at that time to freeze any acquisition programme, and to focus on the debt side of our balance sheet as well as on our asset management operations,' said Olivier Elamine, CEO of Astria.
He added: 'The combination of an early renegotiation of the debt covenants with our banks and the strong operational results have allowed us to successfully manage our LTV covenant despite a gross drop in the portfolio value of around 8%.'
A number of German companies have posted negative results this week including Deutsche Wohnen which saw a pre-tax loss of EUR 256 mln, the Hahn Group (loss of EUR 5.37 mln) and Colonia Real Estate (loss of EUR 83 mln).
