The three office buildings are in the City-South District of Hamburg. Two of the buildings were constructed in 2002, and the other was built in 1994. Ben Hall, global head of asset management and performance reporting, said in a statement that the portfolio is about 75% occupied. "These off-market investments provide our clients with a real opportunity to enhance value through active asset management and letting," he said in the statement.
In Dusseldorf, the industrial properties are also about 75% leased, Hall said. "The inherent rollover of leases provides the opportunity to enhance the income stream and value over our planned holding period," he said. The area has robust property fundamentals, he said.
With these purchases, the firm has increased its assets under management to $268.6 million. A company representative could not be reached for comment.
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