Aberdeen's European Balanced Property Fund has acquired the Bayerstraße 25 office and commercial building in Munich from closed-end fund manager HIH Hamburgische Immobilien Handlung (HIH). Financial details were not disclosed.
Aberdeen's European Balanced Property Fund has acquired the Bayerstraße 25 office and commercial building in Munich from closed-end fund manager HIH Hamburgische Immobilien Handlung (HIH). Financial details were not disclosed.
The fully-let property is located in Munich city centre near the railway station and is mostly occupied by Hypovereinsbank. Constructed in 1957, the 5,200-m2 building was recently extensively refurbished and offers a weighted average lease length of 5.4 years.
The fund was advised by the local transaction team of Aberdeen Immobilien KAG which sources acquisitions in Germany. Further retail and office investment opportunities are currently being sought, the company said.
'We are delighted with this acquisition because of the high quality of the property and tenants, the location in the city and the long secured income stream at an attractive yield. It therefore combines both cash return as well as long term capital growth,' said Nico Tates, fund manager for Aberdeen European Balanced Property Fund.
