SCPI Eurovalys, managed by France's Advenis REIM, has made its biggest acquisition in Germany to date, buying an office in Düsseldorf for more than €100 mln.
The Germany-focused fund has now struck over 30 deals in Germany, focusing on the southern, western and northwest regions.
Dubbed Wings, the property, built in 2009, is located in northern Düsseldorf, close to the international airport. The asset comprises of a main, W-shaped building with a total rental area of 31,626 m2, plus an adjoining property with 700 parking spaces.
The property is entirely let to two blue chip tenants, namely Telefónica Deutschland, and TK Elevator, a subsidiary of ThyssenKrupp. The average remaining lease term is approximately six years.
The building has good energy performance and low carbon emissions and complies with SCPI Eurovalys' SRI investment criteria. The objective is to obtain BREEAM certification for this asset by 2023.
German lender Bayern LB provided acquisition financing. According to Advenis, the deal also allows the SCPI to deploy a significant part of the capital raised over the last months of 2021 and the start of 2022.
