PATRIZIA secures high-profile office portfolio in Germany
PATRIZIA Immobilien AG announces that it has signed a binding contract for the acquisition of a portfolio of three modern office properties in very well-established locations in attractive German office markets in Hamburg, Frankfurt am Main and Dortmund with transfer of ownership anticipated to occur in Q3 2017.
“We are delighted that we were able to achieve this through the selective bidding process and to acquire this very attractive office property portfolio for our customers,” said Daniel Dreyer, Head of Acquisitions Commercial Germany at PATRIZIA.
The portfolio comprises three very high-quality assets, all of which benefit from their location in popular office submarkets and their balanced tenant mix to produce secure and long-term rental income. The seller is a subsidiary of Orion European Real Estate Fund IV, C.V., which is sponsored by Orion Capital Managers: The purchase is for the recently launched fund “PATRIZIA Gewerbe-Immobilien Deutschland III”.
Part of the portfolio is the 26,200 sq m Hafen City Gate office building in Hamburg, right beside the newly built Elbphilharmonie, a “real trophy asset” according to Daniel Dreyer. The 28,790 sq m Westfalentower in Dortmund and an office building at the Carl-von-Noorden-Platz in Frankfurt am Main, with approximately 5,600 sq m, are also included in the portfolio.
All properties offer a combined total of 60,625 sq m and are almost fully let to a total of 36 tenants with an average lease term of seven years. High profile tenants include Commerzbank, McKinsey, Deutsche Telekom and Gruner + Jahr.