Network communications firm Nokia Siemens Networks has signed a deal with the Valad German Aktiv fund, managed by the Valad Property Group, to take 17,000m[sup]2[/sup] of office, high tech and warehouse space in Dusseldorf. The joint venture company will move into Heltorfer Strasse 20 - 22, situated on a business park close to Dusseldorf airport on a five year lease paying EUR 2.5mln per annum, the company said in its statement.
Network communications firm Nokia Siemens Networks has signed a deal with the Valad German Aktiv fund, managed by the Valad Property Group, to take 17,000m2 of office, high tech and warehouse space in Dusseldorf. The joint venture company will move into Heltorfer Strasse 20 - 22, situated on a business park close to Dusseldorf airport on a five year lease paying EUR 2.5mln per annum, the company said in its statement.
The deal, which is one of the biggest in Dusseldorf this year, closely follows Valad's lease with luxury car maker Daimler on its Untertürkheimer Strasse industrial estate, in the south of Berlin. The lease contract with Daimler is for over 27,600 m2 of space, combining office, storage and production use, until 2023.
Klaus Kortebein, CEO of Valad Germany, said: 'We have been established in Germany since 1999 and have local experts in four Valad offices around the country which continues to be a buoyant occupier market. We are delighted to have signed leases with global names such as Nokia, Siemens and Daimler, which takes the total space leased by Valad in Germany to over 70,000m2 in the last four weeks alone.'
Both properties are part of the Valad German Aktiv fund, which focuses on acquiring higher yielding mixed commercial properties with good rental prospects and upside opportunities through intensive asset management. The fund was launched towards the end of last year and now comprises a portfolio valued at approximately EUR 800mln.
Joram Szerkowski, Valad German Aktiv Fund Manager, commented: 'Our recent volume of lettings within the Valad German Aktiv fund emphasises the importance of focusing on the real estate fundamentals during stock selection and skilled local teams that can unlock reversionary potential. These fundamentals are essential to Valad’s value-add approach and are responsible for the continued strong performance of Valad German Aktiv. As a result, we are now raising further equity for a second closing for the Valad German Aktiv Fund in Asia Pacific, USA and Europe.'
