Demire purchases four German office schemes for €167m

Demire purchases four German office schemes for €167m

Published at: 2018-11-02 10:24 | Author: CIJEurope.com
Demire Deutsche Mittelstand Real Estate acquired four office schemes across Germany for €167m. The properties, located in Essen, Cologne, Aschheim and Bad Vilbel, total 89,000 sqm of leasable space. The portfolio currently generates approximately €8.6m in annual rental income. The deal is expected to close in the first quarter of 2019. The largest asset in the portfolio is the 45,000 sqm Office Park Bredeney in Essen, which is currently 88 percent leased. The Cologne property is a two-story, 5,200 sqm office complex built in 2006. Occupancy is at 97 percent. The office property in Aschheim-Dornach’s Humboldtpark commercial area offers 12,200 sqm and is around 89 percent leased. The property in Bad Vilbel, meanwhile, has the greatest optimization potential. The former single-tenant property has five sections, totaling roughly 26,000 sqm of leasable space. With a current vacancy rate of around 69 percent, the property offers strong appreciation potential through its conversion into a multi-tenant property.

“With these real estate purchases, we are implementing the core of our Demire 2.0 strategy, which is to grow to €2bn in the medium term. We are already in advanced talks to secure further attractive targets from our acquisition pipeline," said Ralf Kind, CEO/CFO of Demire.

Similar Stories:

CBRE puts Hrudikova in charge of coworking and flexi space
CBRE has set up a new service focusing on coworking centers and flexible offices in the Cz  »
Jara Drapała & Partners extends lease at Warsaw’s North Gate
Jara Drapała & Partners renewed its lease at the North Gate office building in Warsaw  »
Warta leases 20,000 sqm at Warsaw UNIT
Warta has leased 20,000 sqm of office space at Warsaw UNIT. The lease agreement, one of th  »
Peakside launches blockchain-based real estate fund
Peakside Capital Advisors has teamed up with Brickblock Digital Services GmbH (Brickblock)  »
With demand for modern office space in Athens growing on a daily basis, developers and inv   »
HB Reavis broke into the big leagues by being aggressive on rents, building office space t   »
How would you describe the tenant mix at Mindspace? Co-working is a solution that takes i   »
You’re part of the HB Reavis group, which is an increasingly powerful player in office d   »