Publity picks up 28,500m2 office in Hamburg

Publity, a German office investor and asset manager, has purchased a 28,500 m2 property in Hamburg for an undisclosed sum.

Part of a four-building complex in the centre of Hamburg, the 'Economic Centre' property consists of two inter-connected buildings with six upper floors, a basement level and a large showroom. It also has 318 parking spaces.

The main tenants are carmaker Daimler and insurer AXA.

The acquisition is Publity's ninth since listing on the Frankfurt Stock Exchange in April. The company also sold an asset in July.

Publity does not usually report the investment volumes for its deals. However, in its H1 financial filing published earlier this month, Publity reported assets under management of €880 mln, up from €500 mln at end-2014. The company also said it was 'conservatively' raising its full-year 2015 AUM forecast from €1.2 bn to €1.4 bn.

Earnings before interest and taxes (EBIT) increased to €4 mln from €1.7 mln in the same period last year. Net income climbed to €3 mln from €1.3 mln a year earlier. Publity forecast EBIT of €17 mln for full-year 2015.