Halverton Real Estate Investment Management has now acquired three further properties for the GO Fund: 'Circle Centre' in Leonberg, the 'U-Land' in Ludwigsburg and the 'Stadionring' in Ratingen. The purchase price amounts to approximately €23.4 million reflecting a net initial yield of 7.1% to 8.6%.
The current occupation rate is 94% to 96%. All properties are in locations where an above average demand for office space has been demonstrated. These three properties will be managed by Alyssa Huse from Halverton's Frankfurt asset management team.
The Circle Centre in Leonberg provides 6,700 m² and almost 100 parking spaces. The offices near Leonberg city centre are let to 10 tenants and are situated only 500 metres from the A8 motorway exit, one of the principle east-west connections in Southern Germany (Karlsruhe-Munich). The U-Land, situated on Ludwigsburger Uhland- strasse, is an office complex consisting of five connected buildings, with 29 current tenants and over 7,500m² of floor space. The office complex Stadionring in Ratingen near the city centre and station accommodates 7 tenants with ap-proximately 3,400 m² floor space and 100 parking spaces. Markus Wesselink at Immo-Gates was the agent.
The GO (German Office Partnership) will acquire a multi-let office portfolio with a total volume of circa 112 million euros. Five assets have been acquired and a further two are to be acquired over the next few weeks. The fund has a planned distribution yield of 7% p.a and is planned to have a seven year life (5 year hold period followed by a 2 year period for sales.)