German REIT Alstria office has announced the sale of three non-core properties in two transactions for a total of just over €44 mln.
The assets provided a combined annual rental income of €3.6 mln and were sold at a book gain of 3.5% to the most recent appraised value.
The properties include two logistic assets from the former Deutsche Office portfolio (Carl-Benz-Str. 15, Ludwigsburg and Vichystr. 7-9, Bruchsal) as well as an office asset in Doktorweg 2-4, Detmold. The deal is expected to close in the fourth quarter of 2017.
'We are continuing to streamline the portfolio acquired with the Deutsche Office transaction, selling non-core assets in a strong investment market,' commented Olivier Elamine, CEO of Alstria. 'Over the last 18 months we have substantially reduced the number of non-core, non-office assets in the portfolio and reinvested the proceeds into office properties located in our main markets.'
Alstria was advised by BNP Paribas Real Estate and Hogan Lovells International on the disposal of the logistics assets. Immoraum and trûon Rechtsanwälte advised on the disposal of the office asset.
