DEGI, the real estate investment arm of German insurer Allianz Group, has purchased an office project in Bad Homburg near Frankfurt am Main for a total investment volume of around EUR 22.5 mln. The five-storey office building, comprising 7,800 m[sup]2[/sup] of lettable space and 236 parking spaces, is already let on long term agreements. The principal tenant is Bridgestone, which intends to relocate its German administrative headquarters in the building.
DEGI, the real estate investment arm of German insurer Allianz Group, has purchased an office project in Bad Homburg near Frankfurt am Main for a total investment volume of around EUR 22.5 mln. The five-storey office building, comprising 7,800 m2 of lettable space and 236 parking spaces, is already let on long term agreements. The principal tenant is Bridgestone, which intends to relocate its German administrative headquarters in the building.
The property was acquired from a consortium comprising the property company FGI and the project development firm IKB Projektenwicklung, and DEGI said it is intended for the open-ended property fund, DEGI Global Business. The property will not pass into the fund's ownership until it has been completed in May next year.
DEGI Global Business has a volume of around EUR 181 mln and property assets worth a further EUR 220 mln. The fund has achieved a performance of 4.72% in the year since its launch.
