Duisburg-based Hamborner REIT has acquired a mixed-use property in the German town of Bayreuth for €19m.
The deal provides an initial rate of return of 7.15%.
The vendor was a private property firm based in Pöcking and Colliers acted as agent.
Constructed in 2009, the complex comprises two buildings with a total of 8,500 m2 located at Bayreuth’s Spinenreistrasse near the town centre. About 84% of the space is offices and 16% is retail.
The property generates about €1.4m of rent income per year and the average remaining life-span of the lettings in the building is seven years.
Hamborner has a portfolio of 71 properties worth €655m.
