GxP German Properties extends significant rental agreement and increases overall WAULT

Frankfurt, 1 September 2017 – GxP German Properties (ISIN: DE000A2E4L00, WKN: A2E4L0) has extended a significant rental agreement for a rentable space of 6,360 square meters with the anchor tenant in the owned office in Meerbusch increasing the WAULT to 5.9 years. With a 8.4% share of GxP’s total net rental income, the anchor tenant is GxP’s second largest single tenant. The lease extension was achieved without any capex measures.

With these rental improvements the weighted average lease term (WAULT) increases to 3.6 years (30 June 2017: 3.0 years).

In 2017 to date new rental agreements for around 2,500 square metres have been agreed for the existing GxP portfolio in the cities of Hanover, Mannheim and Dresden and a lease extension for 6,360 square meters in Meerbusch confirming the operational success of the inhouse GxP asset management team.

Johannes Meran, CEO: "With the significant lease extension without any capex in Meerbusch we have demonstrated that our tenant and location strategy is on track and we are a reliable, long-term partner for our anchor tenants. With the new lease contract with GxP’s overall second largest single tenant and a maturity of almost 6 years we are able to increase the overall WAULT significantly and confirm the great diversification of our tenant portfolio.“

IR Contact

Axel Mühlhaus / Patrick Wang
edicto GmbH
Eschersheimer Landstr. 42-44
D-60322 Frankfurt
Tel.: +49 (0) 69/ 905505-52
Fax: +49 (0) 69/ 905505-77
E-Mail: gxp@edicto.de