UK-listed real estate company Wichford is acquiring a 95% stake in a portfolio of office properties across Berlin, Stuttgart, Cologne and Dresden for EUR 150 mln. The transaction value reflects a yield of just over 5%.
UK-listed real estate company Wichford is acquiring a 95% stake in a portfolio of office properties across Berlin, Stuttgart, Cologne and Dresden for EUR 150 mln. The transaction value reflects a yield of just over 5%.
All the buildings, providing a total area of 42,000 m2, are let to the German government agency VBG, Wichford said. The company added that the portfolio generates an annual income of EUR 7.6 mln. The leases have an average length of 16 years. As part of the deal, Wichford is assuming the vendor's existing debt of EUR 128 mln.
