DGAP-News: WCM Beteiligungs- und Grundbesitz-AG: WCM maintains profitable growth in first nine months of 2017 - Takeover by TLG IMMOBILIEN AG proceeding on schedule

WCM maintains profitable growth in first nine months of 2017
- Takeover by TLG IMMOBILIEN AG proceeding on schedule

- Nine-month rental income rises to EUR34.6m (previous year: EUR23.8m)

- FFO I increases to EUR17.7m (previous year: EUR12.9m)

- Significant effects from the takeover by TLG IMMOBILIEN AG

- Forecast for 2017 confirmed

Frankfurt, 9 November 2017 - WCM Beteiligungs- und Grundbesitz-AG (WCM AG, ISIN: DE000A1X3X33) maintained its profitable growth trajectory in the first nine months of 2017, with an increasing focus on the integration of purchased portfolios. The Company's operating success was accompanied by comprehensive implementation measures ahead of the impending takeover by TLG IMMOBILIEN AG (TLG). The takeover process has been proceeding according to plan and has triggered various expected one-off effects at WCM, such as expenses due to changes of legal forms and consultancy expenses. The takeover offer from TLG was successfully concluded after the end of the reporting period. As at 6 October 2017, TLG held 85.9% of WCM-shares.

WCM's net income was EUR17.0m in the first nine months of 2017, remaining stable from EUR16.9m in the same period last year. Rental income during the period rose from the previous figure of EUR23.8m to EUR34.6m, driven significantly by strong portfolio expansion over the past 12 months. The value of the WCM property portfolio totalled EUR805.5m as of 30 September 2017, compared to EUR576.4m on 30 September 2016 and EUR662.1m at year-end 2016. Funds from operations (FFO I) increased to EUR17.7m during the period under review, up from EUR12.9m in the same period in 2016. This corresponds to a figure of EUR0.13 per share after the first nine months of 2017, compared with EUR0.10 in the prior-year period. As at 30 September 2017, the EPRA Net Asset Value (NAV) was EUR351.5m, compared with EUR345.4m at the end of 2016. As at 30 September 2017, the property portfolio had an EPRA vacancy rate of 4.3%, up from 3.8% at the end of 2016. The slight increase is due to the new acquisitions MIA I and MIA II, whose vacancy rates of 7.0% and 4.8%, respectively, resulted in a temporary increase in the EPRA vacancy rate. The net loan-to-value (LTV) was 55.7 % after 53.1% at the end of 2016.

The WCM Management Board reiterates its 2017 guidance made in the 2016 annual report regarding funds from operations of between EUR23m and EUR24m, subject to the effects of the takeover. Rental income for 2017 will probably come in at the upper end or slightly above the communicated range of EUR42m to EUR44m.

The quarterly statement on Q3/2017 of WCM AG is available at www.wcm.de in the Investor Relations section.

WCM Group Key IFRS Figures

About WCM AG

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 more than EUR800m.

Investor Relations:

Gunnar Janssen
Investor Relations
WCM Beteiligungs- und Grundbesitz-AG
+49 69 963 731 910
[email protected]
www.wcm.de

Press contact:

edicto GmbH
Axel Mühlhaus/ Dr. Sönke Knop
+49 69 905505-52
[email protected]