Dundee International REIT has acquired an office building in Munich for around CAD$86.3 mln (鈧�64.5 mln), it emerged from the company's second-quarter results released last week.
Dundee International REIT has acquired an office building in Munich for around CAD$86.3 mln (鈧�64.5 mln), it emerged from the company's second-quarter results released last week.
The property, located at Marsstra脽e 20-23 in Munich, was bought from Aberdeen Asset Management and provides 22,000 m2 of space. The main tenants are the Technical University of Munich and the German Railways.
Together with the acquisition of the L枚wenkontor office in Berlin for CAD$54.9 mln earlier in the quarter, the two deals make Dundee International REIT one of the most active buyers of real estate in Germany so far this year, adding $863.5 mln of office properties to its portfolio.
'With our most recent acquisition of Marsstra脽e 20-23 at the end of Q2, we increased our exposure in Munich, one of the most highly sought after property markets in Europe, and further improved the REIT's tenant profile by adding the State of Bavaria/Technical University of Munich to our top ten tenant roster,' said CEO Jane Gavan.
Dundee International REIT reported funds from operations for the three months ended June 30 2013 up slightly at $0.22 per unit compared with $0.21 in the year-earlier period.
The Canadian REIT had an average balance of $81 mln of undeployed cash on hand during Q2, largely resulting from recent equity issues in anticipation of upcoming acquisitions.
Over the last 12 months, the company has doubled its asset base and reached a market capitalisation of over $1 bn.
