Magnat adds to German commercial and residential portfolios

German-based property company Magnat Real Estate Opportunities has added new acquisitions to two of its German portfolios but stresses it will continue to focus on Eastern Europe.

Properties acquired in Saalfeld, Thuringia will be added to Magnat's existing 1,500-unit domestic residential portfolio that has a total lettable area of 85,000 m². With total acquisition costs of EUR 35.7 mln and annual rental income of EUR 3.3 mln, the current rental yield of the residential portfolio is 9.2%.

The second acquisition concerns the A&T portfolio of commercial property, where a medical centre in Delitzsch, Saxony, has been added to employment agencies in Parchim and Worms and Telekom in Halle. The total lettable area of the commercial portfolio is now 10,100 m2, and all properties are fully let. The rental yield of the A&T portfolio, with total acquisition costs of EUR 11.7 mln and annual rental income of EUR 1.06 mln, is 9%.