Dublin-based property investment firm Signature Capital has acquired the Raffay Smart City building in Hamburg for EUR 60 mln. Tenants of the modern office property include Peugeot, Smart and UCI Multiplex. The building has a total lettable area of 25,755 m[sup]2[/sup] over three floors, and existing leases have an average of 17 years still to run.
Dublin-based property investment firm Signature Capital has acquired the Raffay Smart City building in Hamburg for EUR 60 mln. Tenants of the modern office property include Peugeot, Smart and UCI Multiplex. The building has a total lettable area of 25,755 m2 over three floors, and existing leases have an average of 17 years still to run.
The deal follows Signature’s acquisition of the Galleria Kaufhof department store in Berlin for EUR 61.3 mln in June and its purchase of the 'Zeilgalerie' shopping centre in Frankfurt from Rodamco Europe at the end of January for EUR 42.5 mln. It brings the value of the company’s German acquisitions to more than EUR 400 mln in the last two years.
Signature Capital managing director Ciaran McNamara said that the Hamburg purchase was secured at a yield of 6.79%, adding that returns on investments his company have made to date in Germany have been excellent. Signature recently raised more than EUR 50 mln of equity from private clients to co-invest in German commercial property. Combined with bank debt, it has said that this will create a portfolio value of more than EUR 250 mln.