The German arm of RREEF has paid strong prices for two German prime office properties.
In Hamburg, RREEF Investment bought Unilever Haus from developer Hochtief for €95m, reflecting a yield of around 5% net. The 25,000m2 office building is let to Unilever Deutschland for 15 years.
RREEF bought the asset on behalf of its open-ended grundbesitz europa fund.
In Frankfurt, REEF bought the Park Tower office building from Morgan Stanley for €119m. Sources put the yield at 5% net for the 115m tall, 24,000 m2 building. The building has been let on a long lease to law firm Freshfields Bruckhaus & Deringer.
