German contruction company Hochtief has sold two development projects to SEB Immobilien-Investment for about EUR 50 mln. The properties are earmarked for SEB's public fund ImmoInvest. They are the Galilei3 office development in Mannheim and the Z-UP property in Stuttgart. The final purchase price will depend on the letting conditions agreed at the time of delivery.
German contruction company Hochtief has sold two development projects to SEB Immobilien-Investment for about EUR 50 mln. The properties are earmarked for SEB's public fund ImmoInvest. They are the Galilei3 office development in Mannheim and the Z-UP property in Stuttgart. The final purchase price will depend on the letting conditions agreed at the time of delivery.
The Z-UP asset provides some 9,000 m2 of space, 70% of which has already been let on a long-term basis to publishing house Reader's Digest Germany. The project is due for completion in early 2009.
Galilei3 is expected to have some 10,000 m2 of office space upon completion at end-2008, 30% of which has already been let to accountancy firm Deloitte & Touche.
