Recently launched German listed office investor Consus Commercial Property has finalised its first portfolio acquisition for an estimated €173 mln and inked a deal for an office asset in Stuttgart.
The 10 properties in the portfolio, which were purchased from a range of buyers for undisclosed sums, include offices in Hamburg, Bremerhaven, Cologne, Gelsenkirchen, Mülheim, Wetzlar and Frankfurt.
German analyst Independent Research estimated a deal volume of €173 mln for the launch portfolio which Consus reports has a market value of 'more than €200 mln', or close to €206 mln, according to data from BNP Paribas Real Estate Consult.
'With the closing of our launch portfolio, we have successfully set a solid starting point for our further growth,' commented Stanley Bronisz (pictured), CEO of Consus.
Consus said it received attractive terms for loans of €90 mln from DG Hyp and LBBW Landesbank Baden-Wuerttemberg for debt financing. With an LTV of around 62%, the annual interest rate is less than 2%.
Consus also announced the purchase of a 9,000 m2 office property in Stuttgart, its eleventh acquisition, let to prime tenants Robert Bosch and Linde.
'Stuttgart is one of the top seven investment locations in Germany. The location of the property to the north of Stuttgart, particularly good transport network and locality to the A81 make this a very attractive proposition,' Bronisz added.
'Regarding further acquisitions in the near future, we are aiming to be one of the most important listed office real estate investors in Germany in the coming years. We also intend to establish Consus as a sustainable stock in Germany,' he said.
Consus, which was established in October 2016, is partnered by commercial real estate investment manager publity AG.
The company specialises in value-add office properties in Germany with a market value of between €10-25 mln, where it says it can 'profit from a less competitive environment compared to other property sizes'.
