Commentary & Deal Flow

alstria office AG (rated BB (negative) by S&P; Ticker: AOXGR) is a leading German real estate company focused on high quality office properties across five of Germany’s top seven cities. The company has mandated BNP PARIBAS, Crédit Agricole CIB, Morgan Stanley and Société Générale as Joint Bookrunners to arrange a series of fixed-income investor calls starting today Monday 6 October 2025. A Deal Roadshow presentation (including voiceover) is made available at https://dealroadshow.com (Passcode: WENDY2025). Crédit Agricole CIB is coordinating logistics.

A 4-year EUR500m WNG, senior unsecured, Reg S bond may follow, subject to market conditions. The bond, if issued, is expected to be rated BB+ by S&P. The net proceeds of the potential bond offering will be mainly used for the refinancing of alstria office AG’s outstanding EUR186.3m 1.50% sr notes due 06/23/26 (callable MWC B+35bp until 03/23/26, then at 100) and EUR167.2m 1.50% sr notes due 11/15/27 (call at MWC B+20bp) as well as the refinancing of other existing indebtedness of alstria office AG. A tender offer for any and all of the 2026 and 2027 Senior Notes in conjunction with the issue of the New EUR Senior Bond has been launched. Equity sponsor: Brookfield. Biz: a leading German real estate company focused on acquiring, owning, and managing office real estate. HQ: Hamburg, Germany.