Rutley European Property has paid €163.17m (£109m) for a portfolio of office and retail properties in
The deal reflects a gross initial yield of 6.79%.
Rutley, the London-listed European property fund managed by Knight Frank’s real estate private equity business Rutley Capital Partners, said it expected completion to take place on or before 1 October 2007 with the acquisition allocated to the asset portfolio financed by the Company’s C Share equity capital.
The portfolio comprises 19 assets with a total lettable area of 78,898 sq m.
The portfolio is approximately 88% multi-let to a broad range of tenants including Elvia insurance, AG, Sopexa, EDEKA and Bilfinger Berger Real Estate Management.
The weighted average unexpired lease term is 4.14 years.
Nick Burnell, partner, Rutley Capital Partners said: “We are delighted to have been able to diversify the Company’s geographic exposure into the French and Dutch markets and further increase exposure to the important German market.”
