11.11.2016
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DGAP-News: WCM Beteiligungs- und Grundbesitz-AG: WCM acquires further retail portfolio and increases NAV and FFO significantly
DGAP-News: WCM Beteiligungs- und Grundbesitz-AG / Key word(s): Real
Estate/Acquisition
WCM Beteiligungs- und Grundbesitz-AG: WCM acquires further retail portfolio
and increases NAV and FFO significantly
11.11.2016 / 08:31
The issuer is solely responsible for the content of this announcement.
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WCM acquires further retail portfolio and increases NAV and FFO
significantly
- Acquisition of three retail centres with rental space of 88,000 square
metres for EUR 98.2 million
- Annualised rental income of EUR 7.6 million and annualised Funds from
Operations (FFO) of around 4.2 million
- EPRA vacancy rate of 7 percent with leading grocery chain as anchor
tenant for all locations with a WALT of 6.1 years
- Pro forma portfolio value increases to around 766 EUR million
- EPRA NAV per share of minimum 2.85 Euro pro forma the acquisition
- Annualised FFO I of around 25.5 million
Frankfurt am Main, 11 November 2016 - WCM Beteiligungs- und Grundbesitz-AG
(WCM AG, ISIN: DE000A1X3X33) further expands its asset base through the
acquisition of a retail portfolio. In the federal states of Baden-
Wuertemberg and Saxony-Anhalt three retail centres were acquired with a
total rental space of 88,000 square metres for a net purchase price of EUR
98.2 million. With an EPRA vacancy rate of 7 percent the newly acquired
portfolio generates annualised rental income of around EUR 7.6 million. The
implied gross initial yield is 7.7 percent. Anchor tenant on all three
locations is a leading food retail chain. The weighted average lease time
(WALT) for the anchor tenant stands at 6.1 years, for the newly acquired
portfolio at a total WALT of 5.6 years. The acquisition is planned to be
financed via a combination of existing cash and mortgage lending. The Funds
from Operations (FFO) amounts to around EUR 4.2 million. The closing is
expected within the first quarter 2017.
Acquisition increases EPRA NAV and FFO significantly
With this acquisition WCM increases the portfolio value to around EUR 766
million with an annualised rental income of EUR 46.0 million and an
annualized FFO I of around 25.5 million. The weighted average lease time
(WALT) of WCM's pro forma portfolio amounts to 8.5 years with a EPRA
vacancy of 4.7%. Including the acquisition announced by press release on 27
September 2016, which is expected to close this year and the announced
acquisition today, the management of WCM expects the EPRA NAV/share to rise
to a minimum of EUR 2.85. The pro forma average cost of debt is anticipated
to be below 2.0% with an average remaining maturity of over 6 years.
About WCM
WCM Beteiligungs- und Grundbesitz-AG (WCM AG), with headquarters in
Frankfurt am Main, is a specialised commercial real estate company. As a
real estate proprietor, the focus is on long-term rental of high-quality
office and retail properties in the major office locations in Germany.
Since the operational restart in 2014, WCM AG has focused on an extensive
network for the acquisition of properties as well as on value-creating
asset management, in order to generate attractive long-term rental income
and a steady cash flow. The portfolio has a gross asset value of clearly
more than EUR 700 million. The company has extensive loss carry forwards in
corporate and commercial tax. Shares of WCM AG are listed in the SDAX of
Deutsche Boerse since 21 December 2015.
Press contact:
edicto GmbH
Axel Mühlhaus/ Dr. Sönke Knop
069-905505-51
[email protected]
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11.11.2016 Dissemination of a Corporate News, transmitted by DGAP - a
service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
The DGAP Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Archive at www.dgap.de
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Language: English
Company: WCM Beteiligungsund Grundbesitz-AG
Bleichstr. 64-66
60313 Frankfurt am Main
Germany
Phone: +49 (0)30 8870 476-10
Fax: +49 (0)30 8870 476-20
E-mail: [email protected]
Internet: www.wcm.de
ISIN: DE000A1X3X33
WKN: A1X3X33
Listed: Regulated Market in Frankfurt (Prime Standard), Hamburg,
Stuttgart; Regulated Unofficial Market in Berlin,
Dusseldorf, Hanover, Munich, Tradegate Exchange
End of News DGAP News Service
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