German property investor Demire Deutsche Mittelstand Real Estate has sold an office complex in Bavaria for €18m to an unnamed buyer.

Demire said it acquired the former Deutsche Telekom property at Bayreuther Straße 111 and Rettistraße 56 in Ansbach in October 2015 and increased the value of the property by around €5m through asset management and repositioning in 2020 and 2021.

Built in 1988, the property has a total lettable space of around 12,600sqm and 200 car parking slots. The property has a plot size of 29,650sqm.

Ingo Hartlief, CEO of Demire, said: “Through our active asset management and the successful repositioning of the office complex in Ansbach, we were able to achieve a reduction in risk as well as an increase in value of around €5m.

“With the new tenant structure with two long-term anchor tenants from the public sector, we successfully conclude our REALize-Potential approach in Ansbach through the sale.”

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