Recently listed German property company TLG Immobilien has inked the acquisition of a 33,450 m2 speciality retail centre in Berlin-Adlershof for almost €31 mln.
Recently listed German property company TLG Immobilien has inked the acquisition of a 33,450 m2 speciality retail centre in Berlin-Adlershof for almost €31 mln.
The company announced the deal together with its results over the first nine months of 2014.
TLG reported it increased its funds from operations (FFO) by 28% to €40.4 mln during the period on the back of further acquisitions. Rental income dropped to €85.4 mln from €88.9 mln in the year-earlier period due primarily to the disposal of non-core properties.
Consolidated net profit for the first nine months of 2014 amounted to €68.5 mln, down from €75.3 mln a year earlier.
TLG said it is on course to lift its FFO to around €50 mln for the full year in 2014.
‘Our recent additions highlight the fact that we are systematically implementing our ambitious growth strategy through value-enhancing acquisitions. Furthermore, the issue proceeds generated from our IPO on 24 October 2014 represent a key springboard for us to expand our core portfolio through additional positive cash flow properties in the coming months,’ said management board member Niclas Karoff.
