Mariner Financial has acquired a portfolio of office buildings in Germany for approximately EUR 48 mln. The purchase, carried out by Mariner's London office, was the first venture in Germany by the Sydney-listed financial services company.
Mariner Financial has acquired a portfolio of office buildings in Germany for approximately EUR 48 mln. The purchase, carried out by Mariner's London office, was the first venture in Germany by the Sydney-listed financial services company.
The portfolio comprises four office properties, with a total lettable area of 33,000 m2, located in Berlin, Kassel, Nuremburg and the Ascheim-Dornach catchment area of Munich. The tenant of all four properties is an IT service provider to the German banking sector and is one of the largest players in Germany. All four properties have an eight- year lease. The portfolio will form the nucleus of Mariner German Property Trust which is expected to be offered and listed on the Australian Stock Exchange in the second or third quarter of 2007.
Mariner Financial’s managing director, Bill Ireland, said: 'This portfolio presents an exciting opportunity to establish a strategic presence in Europe's largest real estate sector. We are attracted to Germany due to its strong growth potential as its economy continues to recover.’ He said that the overall German office leasing market will continue its recovery from the historically high vacancy rates which occurred in 2004.
