Cording Real Estate Group has bought a German office portfolio for €143m on behalf of joint venture between Sparinvest Property Investors and Esas Properties.
The Northern European asset management company bought the 10 assets, located in eight different cities, from German investment company DIC Asset.
Cording acted as investment adviser for the joint venture between Danish investor Sparinvest and Turkish company Esas.
It will assume the asset and property management of the 100,000sqft portfolio, which is 97% let.
The assets are in Hamburg, Cologne, Ulm, Kassel and Brunswick (Braunschweig), Mannheim and Erlangen.
Tenants include Siemens, Deutsche Telekom, BASF and Nokia Solutions Networks.
Rodney Bysh, chief executive of Cording, said: “The German office market is attractive, because at present there are only a few new projects being developed. We, therefore, anticipate continued rental growth.”