German property fund Degi has purchased the Sunshine portfolio from IVG Institutional Funds for a total volume of EUR 155 mln. The portfolio comprises seven properties in Berlin, Hamburg, Munich and Dusseldorf, as well as the regional centres Bonn and Nuremberg.
German property fund Degi has purchased the Sunshine portfolio from IVG Institutional Funds for a total volume of EUR 155 mln. The portfolio comprises seven properties in Berlin, Hamburg, Munich and Dusseldorf, as well as the regional centres Bonn and Nuremberg.
Some 77% of the total of 60,000 m2 of space is for office use, while logistics and retail account for 14% and 9% respectively. The average occupancy rate of the properties is 95%.
The largest asset is Kennedy House in Dusseldorf, which was awarded a German architectural prize in 2005. The portfolio also includes the former embassy buildings, Holland House and Canada House, in Bonn. Deutsche Post became the main tenant after the buildings were converted into offices.
Degi said that the portfolio was bought on behalf of the two funds Degi German Business and Degi Global Business. Six properties are earmarked for the first fund, lifting the value of its property assets to EUR 308 mln. The former Dutch embassy in Bonn has been assigned to the Degi Global Business. That fund now has assets of EUR 423 mln.
