GxP German Properties has acquired three office properties in Dresden and Erbach for around €30 mln.
Two of the assets are located in Friedrichstadt, Dresden. They have a vacancy rate of just above 4% and a total rental area of about 14,600 m2. The weighted average unexpired lease term (WAULT) is about five years.
The third building has an area of about 15,000 m2 and is located in the Rhine-Main district of Erbach, Hessen. The property, which was refurbished in 2000, has a vacancy rate of 17% and GxP indicated plans to actively manage the property to reduce this. The property's tenants include public sector companies with long-term lease contracts and it has a WAULT of close to 9 years.
'Thanks to our tight network, we can regularly identify properties with attractive value enhancement potential. The current acquisitions are a further step in terms of expanding our portfolio of lucrative commercial properties. In addition, we will use our experience in the field of asset management to leverage further value enhancement potential for all three properties,' commented Johannes Meran, CEO of GxP.
