Property company Alstria Office has acquired a German portfolios consisting of eight office buildings from the real estate fund UBS (D) Euroinvest. The financial details of the transaction have not been disclosed.
Property company Alstria Office has acquired a German portfolios consisting of eight office buildings from the real estate fund UBS (D) Euroinvest. The financial details of the transaction have not been disclosed.
The properties provide a total lettable area of 150,000 m2 and are spread across the country in the cities of Hamburg, Munich, Frankfurt, Stuttgart, Dortmund, Duesseldorf, Hanover and Dresden. The average vacancy rate of the portfolio amounts about to 12%, German newspaper Immobilien Manager said. The transaction was financed early in December through the issue of 1.139 bn bonds.
Alstria's unit Alstria Zwolfte Hamburgische Grundbesitz & Co has also purchased a 22,000 m2 fully-let office property in Hamburg from the developer Hermann Friedrich Bruhn & Co. Freshfields Bruckhaus Deringer acted as Alstria's advisor.
Alstria, leaded by Olivier Elamine is a fund managed by IXIS Capital Partners.
