Scarborough International Partners (SCP), a joint venture between the Scarborough Group and the Bank of Scotland, has acquired a mixed-use portfolio in Germany from a group of investors lead by the property investment and management company Beos GmbH. The transaction value comes to EUR 330 mln.
Scarborough International Partners (SCP), a joint venture between the Scarborough Group and the Bank of Scotland, has acquired a mixed-use portfolio in Germany from a group of investors lead by the property investment and management company Beos GmbH. The transaction value comes to EUR 330 mln.
The portfolio, with an average occupancy rate of 95%, comprises 26 buildings covering an area of 500,000m2. Beos said in a press release that the assets are 30% for office use, whilst 70% are warehouse and logistics properties. The portfolio is distributed across Germany with 50% in Berlin, 30% in Hamburg and 20% in southern Germany. The transaction value reflects a net initial yield of 7.25%.
The 230 tenants include companies such as the telecommunication firm Alcatel, the electronics group Siemens, the car supplier Daimler Chrysler and the German post office. Teesland iOG, which advised SCP in the transaction, will manage the portfolio. Property advisor Atisreal acted for Beos.
Beos GmbH, based in Berlin, was founded in 1997. Its commercial property portfolio covers 650,000m2 in Germany and Switzerland.
