Demire inks purchase of 270,000 m2 German package

German commercial real estate company Deutsche Mittelstand Real Estate (Demire) has closed its largest acquisition to date with the purchase of a 107-asset portfolio across the country.

Demire, formerly known as Magnat Real Estate, said the portfolio generates an annual rental income of €19 mln and provides a total rented space of 270,000 m2.

Financial details of the transaction were kept confidential.

The package contains assets in the cities of Dusseldorf, Bayreuth, Eschborn, Bremen, Kempten, Ulm and Darmstadt. Most of the portfolio is for office use and features long-term rental agreements.

The transaction is expected to close before the end of the year, Demire said in a statement.