GxP German Properties has purchased a portfolio of eight commercial properties in Germany covering 65,100 m2 worth around €89 mln.
According to GxP, the properties are in good condition and have a vacancy rate of around 15%. The initial rental yield is 8.7%.
Two thirds of the properties are located in the Metropolregion Frankfurt / Rhein-Main, while the rest of the portfolio is situated in Düsseldorf, Stuttgart, Mannheim and Hanover.
The transaction was financed both from GxP's private funds, as well as through debt financing in cooperation with HSH Nordbank.
