German asset manager TLG Immobilien has acquired a centrally located office property in Leipzig for a total of €57 mln.
German asset manager TLG Immobilien has acquired a centrally located office property in Leipzig for a total of €57 mln.
The seller is an unnamed institutional investor. HVB Immobilien brokered the deal on behalf of the vendor, as its asset manager.
The office building is fully let with a weighted average lease term (WALT) of 9.5 years, and produces €3.3 mln in rents a year. The main tenant is an unnamed publicly-owned company. 'Leipzig is one of the most promising cities for investments in office properties in eastern Germany,' said Niclas Karoff, member of TLG's management board. 'We are pleased to have acquired this valuable property, which has an excellent rental situation and represents a further expansion of our portfolio in Leipzig.'
