Canada's Dundee International REIT has expanded its German portfolio with the purchase of the Karl-Martell-Strasse 60 asset in Nuremberg, in Germany's southern state of Bavaria, for C$63 mln (EUR 48 mln). The vendor is the open-ended SEB ImmoInvest fund.
Canada's Dundee International REIT has expanded its German portfolio with the purchase of the Karl-Martell-Strasse 60 asset in Nuremberg, in Germany's southern state of Bavaria, for C$63 mln (EUR 48 mln). The vendor is the open-ended SEB ImmoInvest fund.
In the first four months of 2012, the Toronto-listed trust has completed $100 mln of acquisitions comprising 45,000 m2 of high-quality office space in Germany's top 10 office markets.
In a statement, Dundee International REIT said the properties were acquired at an average cap rate of 7.4% and were partially financed through debt at 57% loan-to-value and an average effective interest rate of 2.7%.
