A Luxembourg-based joint venture between NAS Invest and BlueRock Group, dubbed BR-NAS, has acquired two further properties in Germany for the BR-NAS German Mittelstand Properties SLP-SICAV fund for around €25 mln.
The vendors of the assets, a core plus office and medical center in Hanover and Berlin respectively, were not named.
'We are delighted to have acquired two attractive properties at favorable prices in the highly competitive markets of Berlin and Hanover,' commented Julian Reinecke, managing director responsible for transactions and asset management at NAS Real North-East.
The Hanover asset is located in the district of Wülfel, comprises around 9,100 m2, and is let to a range of tenants.
The Berlin asset is an office complex in the district of Tempelhof-Schöneberg with around 5,000 m2 of rental space, fully let to 21 tenants including medical practices and institutions.
'The location and condition of the buildings, and above all the broad tenant structure with many medium-sized companies, offer a high diversification of the rental cash flow of the fund. The portfolio now covers six different metropolitan areas with more than 80 tenants from ten different industries,' added Nikolai Dëus-von Homeyer, managing partner of NAS Invest.
The acquisitions bring the fund's volume to €85 mln. The fund focuses on mid-sized commercial property with a broad tenant mix offering a good risk-return profile and stable cash flow, with a target volume of € 250 to 400 mln.
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