Canadian investor Dundee International REIT has awarded Bilfinger Real Estate the property management contract for 18 office properties totaling around 232,000 m2 of space in Germany.
Canadian investor Dundee International REIT has awarded Bilfinger Real Estate the property management contract for 18 office properties totaling around 232,000 m2 of space in Germany.
The properties, which were acquired at the end of 2012 and at the beginning of this year, are centrally located office properties in 10 major German cities.
With an occupancy rate of 97.5%, the portfolio is virtually fully leased. It includes the partially protected historic Goldpunkt Haus in Berlin Prenzlauer Berg measuring 23,000 m2 in total, the office properties Cäcilium in Cologne and LEO 252 in Munich's Schwabing district, as well as Humboldt Haus in Hamburg's Hafen City, home to the world's biggest shipping company, Maersk.
Dundee International REIT has acquired high-quality properties in Germany for more than €640 mln in 2013 to date.
The mandate follows Bilfinger's appointment in early October by HCI Capital to assume management responsibility for 23 real estate funds.
The operation is in line with a reorganisation at HCI Capital which in the future will no longer include the real estate fund segment concerned.
Launched between 1999 and 2005, the funds hold a total of 48 office and logistics properties in the Netherlands, Austria, and Switzerland. The trust management of the over 9,000 investments by private investors will remain in the hands of trust companies of the HCI Group.
