Halverton Real Estate Management has acquired three further properties for its Go (German Office Partnership) Fund for approximately EUR 23.4 mln. The purchase price reflects a net initial yield of between 7.1% and 8.6%.
Halverton Real Estate Management has acquired three further properties for its Go (German Office Partnership) Fund for approximately EUR 23.4 mln. The purchase price reflects a net initial yield of between 7.1% and 8.6%.
The offices, which have a 94-96% occupancy rate, are in the 'Centre Circle' in Leonberg, the 'U-Land' in Ludwigburg and the 'Stadionring' in Ratingen.
The Leonberg property provides 6,700 m2 of office space and 100 parking spaces. The office near Leonberg are let to 10 tenants and are only 500 metres from the A* motorway exit, one of the principle east-west connections in southern Germany. The third office complex consists of five connected buildings with 29 tenants. The property provides 7,500 m2 of lettable space. NAI Apollo supported the purchase of the Leonberg and Ratingen properties.
Halverton's Go Fund was launched in September 2006 to target multi-let German office investments to a total value of about EUR 130 mln. The planned distribution yield is 7% per annum. The fund made its first investment in October when it acquired five properties.
Separately, Halverton continues to expand in Scandinavia where it now has a portfolio worth EUR 70 mln. On December 8, it acquired the multi-let light industrial Vojens Business park in Jutland, Denmark for EUR 32.2 mln.
