Hansteen Holdings has bought nine multi-let and single-let industrial properties in Germany for €56.5m (£44.7m) from SEGRO, Tetra Pak and Kungsleden AB.
The assets cover 1.5m sq ft and have a combined rent roll of 5.3m from 22 tenants, reflecting a 9.3% yield. The vacancy rate stands at 19%.
The average remaining lease term on the assets is 4.8 years, and when fully let they are expected to command a rent roll of €6.7m pa.
Hansteen has also exchanged conditional contracts with SEGRO for the acquisition of a further three estates in Germany for €5m, which, if the transactions proceed, should complete by the end of the first quarter of 2015.
Some 1.1m sq ft of the assets came from SEGRO, with key properties in Aachen, Hannover, Darmstadt and Willich.
Tetra Pak, meanwhile, sold 194,000 sq ft of vacant property in Berlin-Heiligensee (North West).
Kunglesden sold a 165,000 sq ft single-occupier head office, manufacturing and distribution building let on a long lease to automotive supplier Bulten.
The acquisitions were funded from existing cash resources along with a new five-year loan facility agreed with HSBC.
Hansteen joint chief executive Ian Watson said: “We are pleased to have assembled these high-yielding assets at their current vacancy levels and relatively low rents as we believe they offer significant reversionary potential. Occupier demand in Germany for this type of property remains strong and we are now beginning to see significant capital interest in the sector too.”
