SITQ acquires €500 million portfolio in Germany from DB Real Estate (DE)

CDP Real Estate Europe has announced today that SITQ has entered into a sale and purchase agreement to acquire a portfolio of four properties in Germany from DB Real Estate, for an amount in excess of €500 million.

The most important property is a landmark building located in the Theresienhöhe area in Munich, built in 2003 and let to several tenants including GlaxoSmith Kline, BBDO and Yahoo. The three other buildings are located in Munich, Düsseldorf and Frankfurt and are let respectively to Tech Data, Thyssen Krupp Services and Deutsche Bank. These buildings are of modern conception and represent a total area of 182.000 m².

This acquisition is ideally complementing the properties bought by SITQ last year in Frankfurt, which provides the group with a diversified prime office portfolio in the leading office markets in Germany, underlines Jean Lamothe, President of CDP Real Estate Europe.

Jones Lang Lasalle and Clifford Chance were advising DB Real Estate, and Linklaters was advising SITQ on the transaction.

Source: CDP Real Estate Europe

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