German real estate manager Patrizia Immobilien has bought a portfolio of three office properties in Hamburg, Frankfurt am Main and Dortmund from Orion Capital Managers.
The seller is a unit of Orion European Real Estate Fund IV, managed by Orion Capital Managers.
The 60,625sqm portfolio is to be included in Patrizia’s recently-launched fund Patrizia Gewerbe-Immobilien Deutschland III.
It includes 26,000sqm Hafen City Gate in Hamburg, close to the city’s newly-built Elbphilharmonie concert hall.
The other two assets are the 28,790sqm Westfalentower in Dortmund, and a 5,600sqm office building at the Carl-von-Noorden-Platz in Frankfurt am Main.
Patrizia said it signed a binding contract for the acquisition of the portfolio and that the transfer of ownership is expected in the third quarter of the year.
All properties are almost fully let to a total of 36 tenants — including Commerzbank, McKinsey, Deutsche Telekom and Gruner + Jahr — with an average lease term of seven years.
In May 2015, Orion bought a portfolio of German offices in six German cities – focused mainly in Hamburg and Berlin – from Credit Suisse.