Develica invests a further EUR 33 mln in Germany

Develica Deutschland, the German property investment company, has announced the completion of three acquisitions totalling EUR 33 mln. This brings the total funds invested by the AIM-listed company to EUR 1 bn.

Located in south-western Germany the latest acquisitions produce an aggregate net rent of EUR 2.28 mln per annum, reflecting a 6.9% net yield, according to the company statement. The properties comprise a 2,200 m² newly refurbished office building let to a local authority tenant, a 36,000 m² logistics centre let to a regional operator, and a 10,000 m² industrial investment let to a local machine tool distributor/manufacturer.

Develica chairman Derek Butler said: 'The German economy is probably better placed than any other western economy to weather the current global economic conditions and, as such, the German commercial property investment market is one that we continue to view with confidence'.