Valad Europe, the leading diversified real estate investment manager, has acquired a portfolio of six office buildings in Germany, providing a net initial yield of 8.76%. The assets were purchased on behalf of its Valad European Diversified Fund (VEDF).
The portfolio comprises 35,860 m² of office space, with four assets located in Nuremberg, one asset in Cologne and one in Hamburg. The portfolio is let to 44 tenants including Nash Technologies, Hochtief, Alstom Power Service, Dussmann Service, Buergel Business Information, Johann Michael Sailer Verlag, L&P Automotive and Bundesagentur für Arbeit.
Danilo Hunker, Valad Europe’s Head of Asset Management in Germany, commented: "This is our sixth acquisition for VEDF in Germany this year, where we have around €130 mln so far invested or committed. This latest portfolio of assets is in strong locations, in major German cities, with value-add potential through asset management initiatives such as void reduction and extending existing leases. We believe the German office sector continues to offer good value due to the strengthening occupier market and current low level of development activity.”
Frankfurt WhiteWater Real Estate Advisors acted for the vendor, an international family office.
The portfolio of assets includes: Frankenstraße 150-152, Nuremberg (14,149 m²); Lisa-Ammon-Straße 30 and 9, Nuremberg (5,343 m² and 5,395 m²); Dr.-Gustav-Heinemann-Straße 14, Nuremberg (3,973 m²); Neusser Straße 155, Cologne (3,398 m²); Willhoop 5, Hamburg (3,602 m²).
With a team of 35 in Germany, operating out of offices in Berlin, Düsseldorf, Frankfurt, Hamburg and Munich, Valad Europe manages approximately €740 mln of assets and 600 tenants, occupying approximately 1 million m² of space in Germany.
Source: Valad Europe
