Beos seals €111m deal in Germany

German fund manager Beos has bought three commercial properties in the cities of Cologne, Frankfurt and Norderstedt for a total of €111 mln.

The acquisition was closed off-market on behalf of the company's Beos Corporate Real Estate Fund II. pbb Deutsche Pfandbriefbank financed the acquisition of the sites in Cologne and Frankfurt, while DG Hyp funded the purchase in Hamburg.

'We have already secured exclusivity on other properties, so the fund will be fully invested as scheduled in two to three years,' commented Beos' CEO Stephan Bone-Winkel.

The fund has raised equity of €365 mln from 23 institutional investors across Germany. With a planned debt ratio of 42%, the vehicle has a war chest of about €630 mln.

The portfolio provides 90,000 m2 of total lettable area including a former production site of cable manufacturer Felten & Guillaume in the Mülheim district of Cologne. The asset has around 26,800 m2 of nearly fully let office, service and storage accommodation. It is multi-let to 20 tenants.

The property located to the east of Frankfurt consists of nine buildings comprising 37,500 m2. The buildings, with an occupancy rate of 90%, are for office, storage and data centre uses.

In Norderstedt near Hamburg, Berlin-based Beos has purchased 19,600 m2 of warehouse and office facilities as well as a 6,500 m2 commercial development project.