German closed-end fund manager Fondshaus Hamburg (FHH) said that it is launching the FHH Immobilien 8 fund to acquire an office building in Bonn from project developer Lang & Cie. The fund has an investment volume of EUR 27 mln and will target an annual return of 5.5%.
German closed-end fund manager Fondshaus Hamburg (FHH) said that it is launching the FHH Immobilien 8 fund to acquire an office building in Bonn from project developer Lang & Cie. The fund has an investment volume of EUR 27 mln and will target an annual return of 5.5%.
The 7,600-m2 building situated in the northwestern part of the city is 90%-leased to the Federal Ministry of Internal Affairs, which has an option to take the remaining space. The lease will run for 10 years with an option for another five years. The property, which was bought for EUR 22 mln, is currently under construction and will be delivered by the end of 2010.
Back in September the property received a preliminary 'Gold' certificate from the German Sustainable Building Council (DGNB). It features a particular geothermal system which results in savings for tenants of well over 50% compared to traditional heating.
Founded in 2001, FHH has issued a total of 40 funds with total investment of around EUR 1.5 bn. Last week, FHH purchased the Rhein-Main automotive centre project in the German town of Weiterstadt for more than EUR 28 mln.