Warburg-HIH Invest Real Estate has sold a 6,750m² office scheme in Bad Homburg, Germany to Union Investment. The single-tenant building was acquired for a pan-European special AIF in 2014. The property is currently let to IT service provider Dimension Data until 2024. The asset deal was brokered by BNP Paribas Real Estate within the framework of a structured sale process. The purchase price was not disclosed.
“We opted to move ahead with this transaction for strategic reasons,” elaborated Hans-Joachim Lehmann, Managing Director at Warburg-HIH Invest. “Given the keen demand in the currently attractive market environment, we managed to achieve a great total return that is well above the original forecast figures.”
“The acquisition matches our current investment strategy for the DACH region of German-speaking countries, which includes pinpointing purchases of smaller assets in addition to big-ticket transactions whenever we find that the parameters of a given location have a convincing long-term outlook,” said Alejandro Obermeyer, Head of Investment Management DACH at Union Investment. “The diversified profile of our property funds for institutional investors gives us a greater freedom of action and we exploit it purposefully.”
