GPT Halverton makes new acquisitions in Germany

UK-based pan-European real estate investor GPT Halverton has announced that it has made a series of new commercial property acquisitions in Germany. The firm invested about EUR 8.8 mln in the purchase of two office properties in Strasbourg, France, the German border of Offenburg and Puchheim on the outskirts of Munich.

These properties are the first acquisitions in the German market for the H2O fund, which is investing in selected regional European office markets. So far this fund has acquired 14 properties in the Netherlands, three in France, two in Denmark and one in Finland. A further six assets in Germany are expected to complete shortly. The Offenburg property consists of three buildings totalling around 3,700 m2, with 95% of the total area currently leased. The net initial yield amounts to 7.45%, and the vendor is a private real estate company.

A second new acquisition, for its HBI fund, involves a EUR 6.15 mln commercial property in Braunschweig, located in the industrial area of Querumer Forst in Kralenriede, 6 km from Braunschweig city centre. Purchased from Körber Immobilien, a regional company, it comprises five buildings, which were renovated in the 90s, with a total area of about 15,000 m². The property is 80% tenanted and has a net initial yield of 8.38%.

The company has also acquired a distribution warehouse property in Kassel for its EB8 fund for an undisclosed fee. Located in the Kassel-Waldau industrial park, the largest commercial zone in north Hesse, the complex comprises an extensive site with four buildings containing 15,000 m² ground-level warehousing space and 400 m² of office space.