Schroder European Real Estate announced yesterday that contracts have been exchanged for the purchase of two office buildings located in Germany’s leading office markets Stuttgart and Hamburg, for a total of EUR28.9 million at a blended net initial yield of 6.0%. The assets are fully income producing and multi-let to a combination of governmental and private sector tenants, with an average unexpired lease term of c. 8.5 years. Both properties have either been constructed or substantially refurbished in the last decade, are located in established office sub-markets and are well connected to public transport.
SERE : Schroder European Real Estate buys two office buildings