German closed-end fund manager HIH has acquired an office property in Hamburg's Lindenplatz district on behalf of an unnamed institutional investor from electronic giant Siemens. The companies agreed not to disclose the purchase price in the sale-and-leaseback transaction.
German closed-end fund manager HIH has acquired an office property in Hamburg's Lindenplatz district on behalf of an unnamed institutional investor from electronic giant Siemens. The companies agreed not to disclose the purchase price in the sale-and-leaseback transaction.
The complex offers around 22,000 m2 of office space across five buildings. Siemens will occupy the property on a long-term basis.
Also in Germany, Deka Immobilien has announced the sale of a fully let office property in Munich for about EUR 17 mln. The 1,800-m2 asset was owned by the open-ended WestInvest InterSelect property fund, which bought it a year after completion in 2004.
Deka Immobilien said the sale is in line with its strategy to reduce the proportion of smaller properties in its open-ended property funds under management.
