Property investment manager Valad Europe has sold a multi-storey office building in Hannover to a private investor.
Fuhrberger Straße 5 comprises 3,300 m2 let to PwC until 2021.
The asset is located in the Kleefeld district to the west of the Hannover’s city centre.
“The decision to sell this office building is in line with both the business plan for the asset and the wider strategy for this particular workout mandate, as demonstrated with other transactions this year,” said Andreas Hardt, Valad Europe’s head of Germany.
“Active trading of assets forms part of our value-adding strategy, where the ability to sell at the right time is equally as important as being able to buy at a good yield. We are currently looking to take advantage of opportunities arising in the German market to purchase good-value, high-quality, leasable assets with strong covenants and limited leasing risk.”
FIH Fürst Immobilien Hannover GmbH advised Valad Europe on the sale.
Valad Europe manages around €650m of assets in Germany, comprising about 1.3m m2.
