German property firm Deutsche Mittelstand Real Estate (Demire) has announced the sale of a 48,000 m2 property in Ulm to a German family office.
Although the financial details were not disclosed, the asset was last valued at €87 mln.
The asset is located in a prominent central location in proximity to Ulm’s main railway station and is mostly occupied by Deutsche Telekom, generating a gross rental income of €5.2 mln.
In a statement, Demire said that the disposal ‘serves to further optimize the portfolio and diversify the rental income structure’. While Deutsche Telekom’s share of rental income was over 30% five years ago, it had fallen to 14% by the end of 2022 and will be less than 10% after the sale, it added.
