Munich-listed property firm VIB Vermögen has acquired an 85,282 m[sup]2[/sup] office and logistics asset in the German city of Nuremberg for just under EUR 27 mln. The property is 91% let. The vendor was not identified.

Munich-listed property firm VIB Vermögen has acquired an 85,282 m2 office and logistics asset in the German city of Nuremberg for just under EUR 27 mln. The property is 91% let. The vendor was not identified.

The land area covers 162,000 m2. Annual income for the rented areas amounts to EUR 3.1 mln.

The investment volume includes costs for infrastructure and refurbishment, which were already started by the former owner. The rental yield based on the actual rent amounts to 11.5%. The property was financed with a regional bank 'on very favourable terms', VIB said in a statement.

VIB reported that the market value of its portfolio came to EUR 653 mln at end-December 2011.