Deutsche Land, an investor in German commercial property, has acquired several office buildings and a warehouse within a commercial complex in the south-west of Germany. The transaction price of EUR 91 mln reflects an initial yield of approximately 8%. Major tenants within the complex include a large US technology company with a remaining lease term of 9.5 years. The site also has potential for a partial redevelopment to encompass a retail shopping centre and additional office space.

Deutsche Land, an investor in German commercial property, has acquired several office buildings and a warehouse within a commercial complex in the south-west of Germany. The transaction price of EUR 91 mln reflects an initial yield of approximately 8%. Major tenants within the complex include a large US technology company with a remaining lease term of 9.5 years. The site also has potential for a partial redevelopment to encompass a retail shopping centre and additional office space.

In a statement, the company said its total investment in property now stands at EUR 525 mln, giving an average net yield across the portfolio of approximately 6.4%. Deutsche Land is incorporated in the Isle of Man and was admitted to the AIM market of London Stock Exchange on 20 April 2006, raising EUR 105 mln. The company raised an additional EUR 105 mln in a placing in February 2007. Deutsche Land aims to build up a EUR 1 bn portfolio of commercial property in Germany.