Tuesday, 17 March 2015
Valad Europe adds German office investment to VEDF portfolio (DE)
Valad Europe, the leading diversified real estate investment manager, has acquired Gustav-Nachtigal-Strasse 5, in Wiesbaden, from a private equity fund advised by ATOS Asset Management GmbH, Hamburg. The 10-storey office building was acquired on behalf of its Valad European Diversified Fund (“VEDF”) and reflects a net initial yield of 9.37%.
Comprising 7,600 m² of office space, the building is located in Wiesbaden’s commercial center, and has excellent communication and infrastructure links to the town center and train station. The building is currently let to several well-known tenants including Bilfinger, Barmer GEK Hauptverwaltung and BDO AG Wirtschaftsprüfungsgesellschaft.
Andreas Hardt, Valad Europe’s Head of Germany, commented: "This is the second office property we have acquired for VEDF in Germany so far this year and is a good fit with the Fund’s investment criteria. Let to a high quality set of tenants, with strong covenants, in a strategically important area of Germany, we believe the asset will provide an attractive, stable return for investors in the Fund.”
Immo Mannheim Treuhand Maklergesellschaft advised Valad Europe.