IVG Immobilien has acquired a portfolio of 11 office buildings in Germany from Hamburg-based real estate company Robert Vogel for EUR 209 mln. Ten of the buildings are in Hamburg and one is in Munich.
IVG Immobilien has acquired a portfolio of 11 office buildings in Germany from Hamburg-based real estate company Robert Vogel for EUR 209 mln. Ten of the buildings are in Hamburg and one is in Munich.
Bonn-based IVG said the average term of the tenancy agreements is 3.5 years and that the company 'will be able to benefit from the positive economic development in Germany, which is accompanied by growing demand for rented floor space and higher rents'. The portfolio includes the 'Spiegel Island' in Hamburg with two office buildings. The property also has potential for additional development.
Georg Reul, a board member in charge of IVG's investment division, said that the stable cash-flow generated by the properties ensured that the assets are a good addition to IVG's planned Office real estate investment trust (REIT).
Last week, IVG Immobilien sold one property and acquired two others in Paris in transactions worth a total EUR 323 mln.
