German real estate portfolio manager VIB Vermogen has purchased five properties in southern Germany for its real estate portfolio. The properties have a total investment volume of EUR 22.7mln and will be built on the 84,900m[sup]2[/sup] land VIB acquired in the first quarter of 2008. The company said the logistic centers and truck service stations are planned for completion later this year.
German real estate portfolio manager VIB Vermogen has purchased five properties in southern Germany for its real estate portfolio. The properties have a total investment volume of EUR 22.7mln and will be built on the 84,900m2 land VIB acquired in the first quarter of 2008. The company said the logistic centers and truck service stations are planned for completion later this year.
According to the company statement the new investments will have an average rental yield of 8.2%. As a result of the addition growth potential of the investments, the managing board is forecasting a further increase in VIB’s rental income.
CEO Ludwig Schlosser said that the company's market position has been reinforced: 'We have already been able to fully let three of these five properties with long-term leases with terms of between 10 and 22 years. For another property the rental agreement is expected to be concluded soon. The fifth property is already 50% let, and we are in advanced negotiations with interested tenants.'
Schlosser added that the company is optimistic about the current fiscal year and is forecasting EBIT to grow to EUR 42.5mln. EBT is expected to increase to EUR 17mln.
