Rutley European Property has exchanged unconditional contracts for the acquisition of a EUR 163 mln portfolio of commercial real estate assets in Germany, France and the Netherlands. Completion of the transaction, which reflects a gross initial yield of 6.7%, is scheduled on or before October 2007.

Rutley European Property has exchanged unconditional contracts for the acquisition of a EUR 163 mln portfolio of commercial real estate assets in Germany, France and the Netherlands. Completion of the transaction, which reflects a gross initial yield of 6.7%, is scheduled on or before October 2007.

In a statement, the real estate investment company said the portfolio comprises 19 assets totalling 80,000 m2. Offices account for 60% of the total and retail 15%. Geographically, 66% of the properties are in Germany, 25% are in the Netherlands and 9% in France. Rutley said most of the properties are located close to the centre of large and medium-sized cities, while some of the retail assets are close to the centre of smaller towns. 'The portfolio includes significant exposure to major centres such as Munich, Amsterdam, The Hague and Paris, which together account for approximately 50% of the total portfolio,' the company said.

The transaction comes a month after Rutley acquired a portfolio of office properties in Sweden for EUR 109 mln.