TLG Immobilien has announced the acquisition of an office property in the German city of Mannheim for €51 mln.
The German property firm acquired the asset from ASG Acquico IX.
Built in 1994 and modernised in 2013, the Theo & Luise building is located in direct proximity to the Mannheim City Airport. It provides a lettable area of around 25,400 m2 and 400 parking spaces and is 89% let to tenants including Deutsche Telekom (through Generalmietgesellschaft GMG), Camelot Management Consultants and Euromaster, with a weighted average lease term of 3.9 years. It currently generates €3 mln in annual rents, reflecting a yield of around 5.9%.
The property will be added to TLG's portfolio in the first quarter of 2018. The transaction was brokered by Colliers.
