Singapore firms invest in European property
Asia Pacific investors continue investing capital into Europe. In two separate deals, two Singapore-based firms are under contract to acquire several office properties located in London and Germany.
IREIT Global, a newly-formed Singapore REIT, acquired an office complex in Munich and a German portfolio of office buildings let to Deutsche Teleko.
Its initial portfolio comprises four German office properties in the key cities of Bonn, Darmstadt, Münster and Munich. Real Capital Analytics reports the sellers are FOM Real Estate and LBBW Immobilien. The purchase price was approximately US$382 million.
The second investment was the Quartier Pinus office complex located in the Concorpark business park in Munich-Aschhe