Peakside to Buy in Hannover
Peakside Capital, on behalf of the Peakside Real Estate Fund I, has agreed to acquire Solvay GmbH’s German headquarters at Hans-Böckler-Allee 20 in Hannover in a sale-and-leaseback transaction. Terms of the transaction were not disclosed. Solvay, an international chemical group, has signed a 15-year lease on the 23,700-square-metre property, which it has occupied since it was first built in 1951.
“This sale-and-leaseback transaction underlines our commitment to both the Hannover and wider German property markets, which we believe continue to offer attractive investment opportunities,” says Boris Schran, founding partner of Peakside. “This is a well-maintained, high-quality and well-located asset. In particular, we were attracted by the strong covenant of Solvay and the long lease term, providing surety of income and a stable medium