German listed property company Alstria office REIT has agreed to acquire a single fully let office building in Hamburg. The financial details were not disclosed but CEO Olivier Elamine said, 'This is the third asset acquired by Alstria in our core market of Hamburg this year'.
German listed property company Alstria office REIT has agreed to acquire a single fully let office building in Hamburg. The financial details were not disclosed but CEO Olivier Elamine said, 'This is the third asset acquired by Alstria in our core market of Hamburg this year'.
'Since the end of 2010, Alstria has been investing around EUR 67 mln in office real estate at an average initial yield close to 7%. We see an increasing amount of acquisition opportunities in the German office market and look forward to taking advantage of them,' he added.
The acquired office building is located in Hamburg City-Süd and was erected in 1994. It provides a lettable area of around 6,600 m2 and is let to two first class insurance companies. The lease contracts have an average lease length of 8.1 years. Corpus Sireo Asset Management Commercial, who has managed the asset since 2007, coordinated the transaction process for the seller.
