CBRE Global Investors sells German office tower for separate account client
CBRE Global Investors has completed a series of transactions on behalf of a separate account client as part of an active management strategy focused on diversifying the client’s portfolio across Europe.
The company has completed the sale of Westend Duo, an office building based in Frankfurt, Germany for in the region of EUR240m. The trophy asset, one of the highest towers in Frankfurt’s business district, currently provides a gross market yield of approximately five per cent and was acquired in 2006. The purchaser was Deutsche Asset & Wealth Management.
The proceeds from the sale of the property have been reinvested in two properties in France and Italy. The investments are as follows:
· The 20,996 sqm gallery within the Carrefour Limbiate shopping centre in Limbiate has been acquired for a price around EUR140m. The centre is located in the affluent area north of Milan and is 97 per cent let to high quality retailers such as MediaWorld, H&M, and Piazza Italia. The acquisition offers a net yield of around 7.1 per cent.
· EUR11.25m in a logistic building in Pusignan, France, which lies close to Lyon and adjacent to its airport. The 14,676 sqm property is let to logistics providers Panalpina and Geodis and was purchased for a net yield of 8.1 per cent.
John Ozinga, head of separate accounts Continental Europe, CBRE Global Investors, says: “These transactions reflect the active investment management strategy of our client to repositioning its real estate portfolio. The new investments in high yielding assets highlight that there is a range of attractive opportunities available across continental Europe as a whole.”
CBRE Global Investors has further retail and logistic investments in Italy and Germany under offer for its client which are expected to complete in Q1 2014.
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