Redefine International has completed the sale of four German office assets for €106m.
The assets were held in a joint venture with the Menora Mivtachim Group, one of Israel’s largest insurance and pension funds.
The properties – in Berlin, Dresden, Cologne and Stuttgart – are let to German government-backed social insurance body VBG.
Mike Watters, chief executive of Redefine, said proceeds from the sale would be reinvested into “value-accretive assets and used to effectively reduce debt”.
Redefine’s 49% share reflects an 8.6% premium to book value.
The 45,145sqm portfolio generated a total annual gross rental income of €8.1m, of which €4m was attributable to Redefine.
The deal comes four years after the REIT entered a German joint venture with Menora.