Hamburg-based Alstria Office REIT has acquired a property in Stuttgart for EUR 15.9 mln, reflecting an initial yield of 8.2%. The investment volume for the 8,340 m[sup]2[/sup] property comes to EUR 1,903 per m[sup]2[/sup]. The identity of the vendor was not disclosed.
Hamburg-based Alstria Office REIT has acquired a property in Stuttgart for EUR 15.9 mln, reflecting an initial yield of 8.2%. The investment volume for the 8,340 m2 property comes to EUR 1,903 per m2. The identity of the vendor was not disclosed.
The office building is mainly rented to the local authorities. It generates an annual rental income of EUR 1.3 mln and has an average lease term of 4.8 years.
The closing of the transaction is expected to take place in the third quarter of 2011. The transaction was brokered by Colliers Bräutigam & Krämer, and Alstria was advised by trûon Rechtsanwälte LLP.
Ealier in July Alstria announced it was acquiring a portfolio of three German office properties from Amsterdam-listed investor Vastned Office/Industrial for EUR 85 mln.
Alstria is an internally managed Real Estate Investment Trust (REIT) focused solely on acquiring, owning and managing office real estate in Germany. The company owns a portfolio comprises 79 properties with an aggregate lettable space of 856,000 m2 and is valued at EUR 1.5 bn.
