Fondshaus Hamburg (FHH) has purchased the Rhein-Main automotive centre project in the German town of Weiterstadt for a new fund, FHH Immobilien 9. The acquisition price comes to more than EUR 28 mln.

Fondshaus Hamburg (FHH) has purchased the Rhein-Main automotive centre project in the German town of Weiterstadt for a new fund, FHH Immobilien 9. The acquisition price comes to more than EUR 28 mln.

Located in the Darmstadt-Dieburg area, in Hesse, the six-storey office development has been developed by Lang & Cie, and is rented with a 10-year lease agreement to the German subsidiaries of car manufacturers Skoda and Seat, which will use the facility as their German headquarters. On completion in March 2011, the building will provide around 11,000 m2 of office space and 524 parking spaces.

'Security is the focus of our investment. The long-term lease to a strong tenant in the automotive industry provides a stable income,' said Angelika Kunath, managing director of Fondshaus Hamburg.

FHH Immobilien 9 is the second German fund launched by the fund manager this year. The vehicle is expected to distribute an annual dividend of 6.25%.

Last month, Fondshaus Hamburg (FHH) acquired an office building in Bonn from project developer Lang & Cie for EUR 22 mln. The new 7,600-m2 building situated in the northwestern part of the city is 90%-leased to the Federal Ministry of Internal Affairs.