Halverton Real Estate Investment Management has acquired the Welfenplatz office park in Hanover for the GOP fund ('German Office Partnership'). The purchase price for the collection of 10 office properties consisting of 22,500 m² floor space was €33.5 million.
The three to seven-story buildings were built in the early '90s and are currently let to five tenants, including R + V Allgemeine Versicherung and E-Plus Mobilfunk. They have leased approximately 93% of the office space in the attractive Hannover location which also boasts 430 parking spaces, excellent access to a major road and close proximity to various underground stations. The area between the offices is in harmony with the park character of Welfenplatz and the nearby traffic-calmed pedestrian zone, 'Lister Meile'. Hanover's city center is less than 10 minutes away on foot.
The Welfenplatz office park vendor is a partnership of private investors. NAI Apollo advised on the transaction.
The GOP fund plans to acquire a portfolio in Germany of multi-let offices with a value of approximately €130 million. The project encompasses a timescale of seven years with a 7% distribution yield p.a.
The Welfenplatz office park completes Halverton's second acquisition in Hannover. In mid 2006 Halverton acquired the 'Am Eisenwerk' business park (previously the Athen business park) for the HBI fund.
All properties in Hanover are managed by Oliver Djoric from Halverton's Berlin Asset Management Team.