German asset manager Warburg-HIH Invest has acquired a diversified portfolio of six, almost fully let German office properties for an undisclosed sum from Barmenia Lebensversicherung
Located in Munich, Frankfurt, Cologne, Hanover, Bremen and Nuremberg, the properties were acquired for Warburg's Deutschland Selektiv Immobilien Invest special fund.
'The acquisition of this office portfolio allows us to allocate the equity raised from our multiple investors with a broad risk diversification profile,' commented Alexander Eggert, Warburg HIH's managing director.
The multi-tenant assets cover around 27,300 m2 and are all situated in attractive office districts with established infrastructure.
'Sustainable tenant demand has been a crucial factor in selecting our investment targets. We have therefore targeted cities with growing populations and stable office and retail demand, against the backdrop of the megatrend of increasing urbanisation. We expect the fund to have an investment period of two years,' Eggert added.
The deal follows the acquisition of the TriTower office scheme in Hanover in March of this year.
The Deutschland Selektiv fund invests in Germany's growth regions, targeting core and core-plus investments in office properties and up to 30% in retail real estate. The special fund’s planned target volume is €300-€350 mln.
