DEGI Deutsche Gesellschaft für Immobilienfonds mbH has made another find in Germany for its open property fund DEGI GLOBAL BUSINESS, which is geared to the needs of institutional investors and affluent private customers. DEGI has purchased an office project already let on long-term agreements in Bad Homburg near Frankfurt am Main for a total investment volume of around €22.5 million, from a consortium comprising the property company FGI Frankfurter Gewerbeimmobilien GmbH and the project development firm IKB Projektentwicklung GmbH & Co. KG.
The principal tenant is the tyre manufacturer Bridgestone, which will locate its future administrative headquarters in Germany in the building; the second office tenant is Simcorp, an international software company specialising in financial services. For the canteen, a modern, innovative catering operator has been secured in the shape of La Création.
Artist impression of the office project in Bad Homburg.
The property will not actually pass into the fund's ownership until it has been completed in May next year. Currently the fund has a volume of around €181 million, and property assets worth about €220 million. In its first year since being launched, the fund has achieved a performance of 4.72%.
The five-story office building features approximately 7,800 m² of lettable space and 236 parking lots. It is located in Bad Homburg's established South Enterprise Zone, and can easily be reached by foot from the public transport and the railway station. The location is conveniently linked to the autobahn network via the A 661. The county town Bad Homburg is the service and administrative center of Hochtaunus County. Over 3,000 companies, including Altana AG and Fresenius AG, have settled here.
The transaction has been advised by NAI Apollo Frankfurt agents, which have been commissioned by the vendor side.