Demire inks €167m German office deal as part of growth strategy

German listed property firm Demire has agreed to acquire four office properties in Essen, Cologne, Aschheim near Munich and Bad Vilbel near Frankfurt for a total investment volume of around €167 mln.

The coreplus and value-add properties are expected to lift Demire's total portfolio to around €1.3 bn upon completion of the deal in the first quarter of next year.

The 89,000-m2 portfolio is being purchased from Publity and currently generates net cold rent of €8.6 mln a year. The largest asset in the portfolio is the multi-tenant Bredeney office park in Essen, with lettable space of 45,600 m2. The property is 88% leased with thyssenkrupp as the largest tenant.

'With these real estate purchases, we are implementing the core of our Demire 2.0 strategy, which is to grow to €2 bn in the medium term,' commented Ralf Kind, CEO/CFO of Demire. 'We are already in advanced talks to secure further attractive targets from our acquisition pipeline.'


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