Standard Life Investments has announced the acquisition of a €325 mln portfolio of seven prime offices across Germany.
Standard Life Investments has announced the acquisition of a €325 mln portfolio of seven prime offices across Germany.
The portfolio was sold by two Luxembourg real estate funds created and managed by Conren Land and N+1 REIM. The seven office buildings are located in Frankfurt, Hamburg, Munich, Nuremburg and Stuttgart and will be split between four separate Standard Life investment funds.
Hanse Carrée, a seven-storey office property in the City-Süd district of Hamburg, has been acquired by the Standard Life Investments European Property Growth Fund.
The Standard Life Investments German With Profits Fund has purchased a property in the Arnulfpark, a listed office in Munich, and Büx, a mixed office and retail property in Stuttgart city centre.
The Standard Life Investments European Real Estate Club has acquired Coreal Tower, a property in Frankfurt Westend, and Deichtor, one of the most iconic buildings in Hamburg.
Von-der-Tann, an office property located in Nuremburg, and Hanse Forum, in Hamburg’s central business district, has been acquired by the Standard Life Investments European Real Estate Club II.
'The portfolio has a range of risk profiles to match the varying risk profiles of different Standard Life Investments funds. The transaction demonstrates our ability and appetite to deliver large, complex deals in Europe and it also reinforces our confidence in the German market,' said Daniel McHugh, head of Continental European real estate at Standard Life Investments.
LPA Law, Valteq and Ramboll Environ acted for Standard Life Investments. Freshfields Bruckhaus Deringer and Arendt & Medernach acted for the vendor.
