German property company Develica Deutschland said it has acquired a mixed-use portfolio in Germany for EUR 270 mln, inclusive of costs. The acquisition takes the AIM-listed company's property assets to more than EUR 1bn. The deal reflects a net initial yield of 6.1%. The portfolio includes 21 properties across the German cities of Hanover, Braunschweig, Osnabruck, Frankfurt and Stuttgart, with a total 220,748 m[sup]2[/sup] of space. The properties generate a gross annual rent of EUR 17 mln.
German property company Develica Deutschland said it has acquired a mixed-use portfolio in Germany for EUR 270 mln, inclusive of costs. The acquisition takes the AIM-listed company's property assets to more than EUR 1bn. The deal reflects a net initial yield of 6.1%. The portfolio includes 21 properties across the German cities of Hanover, Braunschweig, Osnabruck, Frankfurt and Stuttgart, with a total 220,748 m2 of space. The properties generate a gross annual rent of EUR 17 mln.
Derek Butler, Develica's chairman, said: 'This acquisition marks a major milestone for Develica. The momentum of acquisitions is strong and we have now secured total assets of over EUR 1bn. This latest deal reflects our ability to identify and acquire properties in this resurgent market at yields in line with our target at flotation.'
