Commentary & Deal Flow

alstria office announced this morning that marketing of its sr note deal concluded yesterday with over 50 investors directly engaged. The issuer remains focused on a EUR500mln WNG 6y transaction. The balance of investor feedback centred around 6% area. Timing as early as tomorrows business subject to market conditions

On Monday alstria office REIT-AG (Ticker: AOXGR; Country: Germany) announced it had mandated investor calls / EUR 500m WNG 6-Year Senior Unsecured Bond.

alstria office REIT-AG (to be renamed 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 mandated Crédit Agricole CIB, Morgan Stanley and Société Générale as Joint Bookrunners to arrange a series of fixed-income investor calls 03/10-11. A Deal Roadshow presentation (including voiceover) is available at https://dealroadshow.com (Passcode: BOB2025). Crédit Agricole CIB is coordinating logistics. 

A 6-year EUR 500m WNG, senior unsecured, Reg S bond may follow, subject to market conditions. The bond, if issued, has been rated BB+ (negative) by S&P. List Lux. ISIN: XS3025437982. The net proceeds of the potential bond offering, along with the recently signed EUR164.5m secured bank loans, the revolving credit facility of EUR150m, and the equity commitment letter of up to EUR160m by its shareholders will be mainly used for the refinancing of outstanding 2025, 2026 and 2027 Senior Notes as well as for general corporate purposes.

A capped tender offer in conjunction with the issue of the New EUR Senior Bond has been launched.

alstria office REIT-AG invites holders of its existing EUR 400,000,000 0.5% Notes due 2025 with an outstanding amount of EUR 335,200,000 (the “2025 Notes”, ISIN: XS2053346297), EUR 350,000,000 1.5% Notes due 2026 with an outstanding amount of EUR 334,100,000 (the “2026 Notes”, ISIN: XS2191013171) and EUR 350,000,000 1.5% Notes due 2027 with an outstanding amount of EUR 311,400,000 (the “2027 Notes”, ISIN: XS1717584913; together with the 2025 Notes and the 2026 Notes, the “Notes”) to tender such Notes for purchase by alstria office REIT-AG for cash on the terms and subject to the conditions set forth in the tender offer memorandum dated March 10, 2025 (the “Tender Offer Memorandum”), in particular subject to the successful completion of the issuance of the New Notes.

alstria office REIT-AG currently intends to accept for purchase Notes up to an aggregate nominal amount equal to the aggregate principal amount of the New Notes. However, alstria office REIT-AG reserves the right, in its sole discretion, to increase or decrease this amount.

alstria office REIT-AG will pay (for Notes accepted for purchase by it) a purchase price of 99.000% for the 2025 Notes, of 97.875% for the 2026 Notes and of 94.000% for the 2027 Notes, as described in the Tender Offer Memorandum. alstria office REIT-AG will also pay accrued interest in respect of the Notes accepted for purchase pursuant as set forth in the Tender Offer Memorandum.

The invitation period commences on March 10, 2025 and will expire on March 18, 2025 at 5.00 pm CET, unless extended or earlier terminated by alstria office REIT-AG. The final results will be announced as soon as reasonably practicable thereafter.

The Tender Offer Memorandum is available via the Tender Agent (Kroll Issuer Services Limited).