Scottish Widows Investment Partnership (SWIP) has acquired two office properties in Germany and the Netherlands for EUR 60mln. The asset management arm of Lloyds TSB bought the Red Square property in Neu-Isenburg close to Frankfurt Airport for EUR 45.3mln. The 19,000 m[sup]2[/sup] of Grade-A office space is spread across three buildings.
Scottish Widows Investment Partnership (SWIP) has acquired two office properties in Germany and the Netherlands for EUR 60mln. The asset management arm of Lloyds TSB bought the Red Square property in Neu-Isenburg close to Frankfurt Airport for EUR 45.3mln. The 19,000 m2 of Grade-A office space is spread across three buildings.
SWIP bought Bam Huis in The Hague for EUR 16mln. The 6,200 m2 Grade-A property is let to construction company Royal BAM.
'The two purchases are a valuable addition to SWIP’s European property portfolio. Our decision to increase our weighting towards office property in Germany and The Netherlands reflects our view that these will be among the strongest office markets in Western Europe over the next five years. A key feature of the European property market over the next 12 months will be a flight to quality, with investors favouring larger, more liquid markets such as Germany, which offers liquidity with fewer economic downside risks,' Robert Matthews, head of International Property at SWIP.
The company manages EUR 9.2bn of commercial property in the UK, Continental Europe and the US.
