Sirius Real Estate, a London-listed owner and operator of business parks, offices and industrial assets in Germany, has acquired the Thor 2 office portfolio from a subsidiary of Orion Capital Managers' European Real Estate Fund IV.
The value-add acquisition represents an investment of €24 mln.
The package consists of two office assets providing a total of 26,254 m2 in the Dusseldorf and Frankfurt metropolitan areas. The Point N office complex is located in Neuss with a lettable area of 18,258 m2 and a vacancy of 61.7%.
The other property is an office complex in Neu-Isenburg with a lettable area of 7,996 m2 and a vacancy of 58.7%.
'The sale of the Thor 2 portfolio further underlines the attractiveness of secondary office locations in German metropolitan areas where vacancy is seen as opportunity and not as risk,' commented Karsten Kohlmann, managing partner of Waterway Investments, which acted on behalf of Orion. 'Our focus on the German B, C and D real estate markets as well as our corresponding investor networks allow us to market those value add portfolios successfully and in a value maximizing way for our clients.'
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15 September 2017
Germany Investment Briefing
Savills, London
08.00-10.30
