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.'
