Vib Vermogen, a commercial real estate company active in the south of Germany, has acquired five fully-let properties and a 12,400 m[sup]2[/sup] plot of land in Bavaria for an investment volume of just over EUR 31 mln. Vib said it expects the properties to provide EUR 2.6 mln in rental income, reflecting a rental yield of 8.3%. The acquisitions are being financed with about equity (30%) and the remainder through bank loans.

Vib Vermogen, a commercial real estate company active in the south of Germany, has acquired five fully-let properties and a 12,400 m2 plot of land in Bavaria for an investment volume of just over EUR 31 mln. Vib said it expects the properties to provide EUR 2.6 mln in rental income, reflecting a rental yield of 8.3%. The acquisitions are being financed with about equity (30%) and the remainder through bank loans.

Three of the properties provide a total of 27,500 m2 of retail, warehouse and office space in and around the city of Nuremberg. Vib said the assets will become 'revenue-effective' in October. The other two properties are a 4,600 m2 office building that is let to a public authority in Nuremberg and a production and logistics facility in Ingolstadt. These will begin providing rent on 1 January 2008. Vib is to develop a retail and services centre on the plot of land in Ingolstadt. The property should provide a rental yield of over 8% on completion, the company said. Following the latest acquisitions, Vib's portfolio increases to 40 properties, generating income of over EUR 23 mln annually.