Dundee International REIT has acquired an office building in Stuttgart and signed an agreement to acquire another in Düsseldorf, lifting its year-to-date acquisition total to $1 bn (€746 mln).
Dundee International REIT has acquired an office building in Stuttgart and signed an agreement to acquire another in Düsseldorf, lifting its year-to-date acquisition total to $1 bn (€746 mln).
In its third quarter filing, Dundee International REIT reported it had acquired the Oasis III office building in Stuttgart for about €31 mln. The 16,000 m2 property was sold by a fund managed by LaSalle Investment Management.
In November, the company signed a purchase agreement for an office building in Düsseldorf, Germany for about €78 mln. The transaction is subject to certain closing conditions and adjustments.
The inclusion of the two deals lifts Dundee International REIT's transaction investment volume so far this year in Germany to about $1 bn (€746 mln).
The REIT said its deals during 2013 have been at an average yield of 6.7% and an average borrowing rate of 2.6%.
Dundee International REIT had a €2.1 bn portfolio in Germany.
