German asset manager Hamburgische Immobilien Handlung (HIH) has acquired a portfolio of eight commercial properties in Germany for a price of 鈧�300 mln.
German asset manager Hamburgische Immobilien Handlung (HIH) has acquired a portfolio of eight commercial properties in Germany for a price of 鈧�300 mln.
HIH, as part of its mandate as exclusive asset manager in Germany for Warburg - Henderson KAG, purchased the nearly fully-leased assets from Munich-based developer Dibag.
The properties are located in major cities in western and southern Germany, including Munich, Frankfurt, Stuttgart and Hannover.
The package, offering a total of 160,000 m2, includes a majority of office buildings with a minor part of retail and logistics properties. The average minimum lease term is nine years.
'The diversified stock portfolio combines security and stability with prospects for capital gains,' commented Hans-Joachim Lehmann, head of Transaction Management at HIH. 'The investment opportunity arises from the prospect of creading additional returns by reducing the spread between assets of this type and properties in the competitive core segment.'
This is the largest transaction HIH has ever completed, the company added.
