DEMIRE buys European office portfolio for €167m

DEMIRE Deutsche Mittelstand Real Estate AG has acquired four office properties in Essen, Cologne, Aschheim (catchment area Munich) and Bad Vilbel (catchment area Frankfurt), Germany, with a combined investment volume of around €167 million ($190 million).

The transfer of ownership, benefits and obligations is expected in first quarter 2019.

The largest property purchased is the multi-tenant office property Office Park Bredeney. It is located in the city of Essen and is well-connected to public transportation and the nearby motorway, and has a direct link to the Dusseldorf airport, the city center and the main train station.
The next office property is in Cologne and it is a two-story office complex, built in 2006. The property is close to full occupancy (97 percent).
The third office property is Aschheim-Dornach in the Humboldtpark commercial area is located directly at Munich’s northeastern city limits.

The fourth acquisition property in Bad Vilbel, located northeast of Frankfurt am Main. With a current vacancy rate of around 69 percent, the property offers strong appreciation potential through its conversion into a multi-tenant property.