Berlin-based Polis Immobilien has acquired nine office properties in Germany. The real estate company bought eight buildings from Stuttgarter Versicherung and one property from a subsidiary of Hypo Real Estate Bank Group. The properties have a total rental area of around 19,600 m2, 86% of which is currently let. The investment volume for the properties is around EUR 26 mln. Polis said it expects the new properties to generate an annual rent of around EUR 2 mln.
Berlin-based Polis Immobilien has acquired nine office properties in Germany. The real estate company bought eight buildings from Stuttgarter Versicherung and one property from a subsidiary of Hypo Real Estate Bank Group. The properties have a total rental area of around 19,600 m2, 86% of which is currently let. The investment volume for the properties is around EUR 26 mln. Polis said it expects the new properties to generate an annual rent of around EUR 2 mln.
The office buildings purchased from Stuttgarter have a total floor area of around 17,000 m2 and are situated in good locations in Düsseldorf, Duisburg, Essen, Kassel, Cologne, Mainz, Mannheim and Stuttgart. The 2,600 m2 office building purchased from the Hypo Real Estate Bank Group is located in Mainz directly adjacent to the State Chancellery and the State Parliament of Rheinland-Palatinate, and has views over the river Rhine.
Alan Cadmus, member of the management board of Polis, said: 'The properties are generating stable rental income and some of them also offer opportunities to increase value, which we intend to utilise through modernisation. Feri Research has given almost all properties an A (= very good) or B (= significantly above average) rating.'
