Listed German property investor Patrizia has acquired a portfolio of three office properties in Germany from Orion Capital Partners.
The price was not disclosed but PropertyEU has learned from market sources that the assets changed hands for around €280 mln.
The properties were acquired by Orion around 18 months ago for the Orion European Real Estate Fund IV and were marketed as the Symphony portfolio. They offer a combined 60,625 m2 of space and are located in Hamburg, Frankfurt am Main and Dortmund.
‘We are delighted that we were able to achieve this through the selective bidding process and to acquire this very attractive office property portfolio for our customers,’ said Daniel Dreyer, head of acquisitions commercial Germany at Patrizia. The assets will be added to Patrizia’s recently launched Gewerbe-Immobilien Deutschland III fund.
The portfolio includes the 26,200 m2 Hafen City Gate office building in Hamburg (pictured), located next to the newly built Elbphilharmonie, the 28,790 m2 Westfalentower in Dortmund and an office building at the Carl-von-Noorden-Platz in Frankfurt am Main, comprising around 5,600 m2.
The properties are almost fully let to a total of 36 tenants with an average lease term of seven years. Tenants include Commerzbank, McKinsey, Deutsche Telekom and Gruner + Jahr.
