Develica Deutschland has exchanged contracts to acquire the Blue Star portfolio in Germany for EUR 266.3 mln in cash. It is understood that the properties are owned by Hamburg-based capital investment company Deutsche Fonds Holding (DFH). However, DFH has not made any comment.

Develica Deutschland has exchanged contracts to acquire the Blue Star portfolio in Germany for EUR 266.3 mln in cash. It is understood that the properties are owned by Hamburg-based capital investment company Deutsche Fonds Holding (DFH). However, DFH has not made any comment.

The portfolio comprises three office buildings, providing an area close to 80,000 m2, in the German hubs of Bonn, Stuttgart and Munich. The properties, which generate a total income of EUR 15.6 mln per annum, include Daimler Chrysler's office in Stuttgart, a Telekom office in Bonn and a Munich building occupied by the computer company Hewlett-Packard, German newspaper Immobilien Zeitung reported. Property consultants Colliers Stuttgart and DTZ acted as advisers.

AIM-listed Develica Deutschland has to date invested some EUR 583 mln in German properties, generating an average yield of 6%.