French investment manager Sofidy has announced the purchase of two office schemes in France and Germany for a combined price of €53 mln.

French investment manager Sofidy has announced the purchase of two office schemes in France and Germany for a combined price of €53 mln.

In Germany, Sofidy has bought a 21,800 m2 office building at Hamburger Straße, in the Mundsburg
district of Hamburg for nearly €42 mln, in a deal financed by BayernLB. The purchase was made on behalf of Sofidy's €2 bn Immorente SCPI investment fund.

The main tenant is the municipality of Hamburg which has a fixed 10-year lease on the asset.

'With this second major acquisition, Sofidy reinforces its development abroad while validating its ambitious programme of German acquisitions,' the French player said in a statement.

Immorente's portfolio consists of 1,800 assets covering an area of 850,000 m2 and with an occupancy rate of 92%.

Sofidy was advised by L’Etoile Properties.

In France, Sofidy has bought an office building in Saint Priest near Lyon on behalf of its SCPI EFIMMO 1 vehicle. The asset was sold by Internos Global Investors on behalf of a client - a Swedish pension fund.

Built by Bouygues and delivered in 2009, the asset is located in the Woodstock technology park and provides 5,000 m2 of space. It is entirely leased to Swedish group Intrum Justitia

The sales price of over €11 mln reflects a yield of 6.3%.

Sorovim Entreprise and CBRE brokered the deal.