TLG IMMOBILIEN AG has concluded the acquisition of a modern office property in Rostock for approx. €15.5 mln.
The centrally-located property was built in 1995 and features some 16,000 m² of lettable space, primarily for office use. 91% of the lettable space is let to tenants that include federal state authorities, an insurance company and a health insurance undertaking.
Net rent for the year excluding utilities is approximately €1.3 mln, which TLG IMMOBILIEN has been collecting since the start of 2015. The average remaining term of the lease agreements is approximately 4 years.
Niclas Karoff, member of TLG IMMOBILIEN's Management Board, said: "In addition to Berlin and the economic hubs of Dresden and Leipzig, Rostock is one of our core locations for office properties. All of these locations boast falling vacancy rates and stable or rising rents in the office segment".
Source: TLG IMMOBILIEN