Siemens sells office scheme to Aerium for EUR 77m

Siemens Real Estate (SRE) has sold the German headquarters of nuclear power company Areva to Aerium, a London-based real estate private equity group, for EUR 76.9mln. The property is located in Erlangen and was developed and built by SRE as a tailormade project for Areva in 2007.

With a combined total net area of approximately 46,700 m2, the office scheme comprises a newly constructed landmark office building, two recently refurbished buildings and a 500-unit parking garage. The buildings are let to Areva on a 15-year-contract, with a small proportion of the refurbished buildings let to Siemens.

Aerium will add the property to its Opportunity I fund, which focuses on strategic investments throughout Europe and currently holds 39 assets under management, with EUR 291mln invested in Germany alone. Launched in 2006, the fund is now fully invested.

Commenting on the deal, Zsolt Sluitner, head of Siemens Real Estate, said: 'This sale represents part of Siemens' strategy to reduce ownership rates at selected sites. Despite difficult market conditions in Europe, this deal signifies the second time in months that SRE has succeeded in selling a major property in the German market. Further major office sites, located in Munich, Erlangen, Nuremberg and Frankfurt, are currently under due diligence.'

Areva NP is a joint venture between Areva SA, Paris and Siemens AG specialising in the field of nuclear power technologies and services.