LBBW Immobilien Investment Management has acquired the Sidon office portfolio in Germany on behalf of its recently-launched Germany Diversified Core+ investment fund.
The portfolio, valued at around €90 mln, comprises five office properties located in Baden-Württemberg (Stuttgart and Karlsruhe) and North Rhine-Westphalia (Düsseldorf and Ratingen).
The portfolio was marketed by Colliers International in a structured bidding process on behalf of an unnamed institutional investor.
The acquisition is the first for the vehicle which plans further investment in German commercial real estate in the near future.The fund has a target size of around €400 mln.
'Our focus is on office and retail buildings in central locations or established submarkets in selected locations in Germany,' said Torsten Bäppler, managing director of LBBW Immobilien Investment Management.
