Pan-European property fund Vastned O/I is boosting its presence in the German market with the purchase of a EUR 30mln office building in Dusseldorf. The acquisition brings the total volume invested in the country to EUR 130mln, representing five investments in Germany. The office, located in one of Dusseldorf's office locations on the right bank of the river Rhine, was sold by Tishman Speyer for a net initial yield of 6.6%. It comprises around 7,400 m[sup]2[/sup] of space and 120 underground parking spaces. The property is let to health insurer Victoria Versicherungen through the end of 2011. The building generates an annual income of EUR 2.1mln.
Pan-European property fund Vastned O/I is boosting its presence in the German market with the purchase of a EUR 30mln office building in Dusseldorf. The acquisition brings the total volume invested in the country to EUR 130mln, representing five investments in Germany. The office, located in one of Dusseldorf's office locations on the right bank of the river Rhine, was sold by Tishman Speyer for a net initial yield of 6.6%. It comprises around 7,400 m2 of space and 120 underground parking spaces. The property is let to health insurer Victoria Versicherungen through the end of 2011. The building generates an annual income of EUR 2.1mln.
'With this acquisition, we are moving forward in expanding our property portfolio in liquid office markets. Our aim is to grow the German portfolio in a profitable way to a size of EUR 250 - EUR 500mln in the next few years,' said CEO Hans Pars.
