Alstria: REIT acquires portfolio from HUK-Coburg
Alstria Office REIT-AG reported the signing of a sales contract with HUK-Coburg and its subsidiaries: In a sale and lease back procedure, the REIT is taking over a portfolio consisting of five office buildings in Hamburg, Berlin, Düsseldorf, Cologne and Detmold for €53mn (€1,791/sqm). The total rentable area comes to approximately 29,590 sqm, of which HUK—or another company belonging to the insurance group—will lease back 57%. The leases are for between 5 and 10 years. A further 40% are rented to third parties, among them Deutsche Bank and DATEV. The vacancy rate is said to be 3%; annual rent income is assessed by the company at some €3.3mn—an average of €9.6/sqm/month. The transaction will be concluded in the course of the coming year, pending approval by the cartel office.