Schroder Property completes key acquisition in Germany
Schroder Property Investment Management has completed a further acquisition in Germany on behalf of Immobilien Europa Direkt, an investment group of Zurich Investment Foundation.
Schroder Property Investment Management has completed a further acquisition in Germany on behalf of Immobilien Europa Direkt, an investment group of Zurich Investment Foundation. Europa Arkaden I situated in the centre of Darmstadt, one of the most important economic regions in Germany, has been acquired for €16.2 million reflecting an initial yield of 7.2%.
This prime multi-let office building is located alongside Darmstadt’s central railway station and main bus terminals. Built in 2005, the asset provides in excess of 7,319 sqm modern office space over six floors. The property is let to 10 different tenants and has current average unexpired lease terms of 5.9 years.
Tony Smedley, Head of Continental European Investment, Schroder Property commented:
“This is the second acquisition for Immobilien Europa Direkt in just over 3 months and our first for 2014. Europa Arkaden I is an attractive investment and in line with our strategy to purchase assets with a strong income return and long-term growth prospects. We are gaining strong momentum in the market and look forward to announcing several acquisitions in Germany over the coming months.”
Immobilien Europa Direkt, an open ended Euro denominated fund, was launched by Zurich Investment Foundation and has been designed specifically for Swiss pension schemes. Its investment strategy is focused on providing investors with a diversified portfolio of commercial real estate in the main western European markets.
Photography of Europa Arkaden I is available.
For further information, please contact:
Estelle Bibby, Senior PR Manager, Schroders
Tel: +44 (0)20 7658 3431 / estelle.bibby@Schroders.com
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For trade press only. To view the latest press releases from Schroders go to: http://ir.schroders.com/media Schroder Property Schroders has managed property funds since 1971 and currently has £10.6 (€12.8 /US$17.6) billion of gross property assets under management as at 31 December 2013.
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Schroders is a global asset management company with £262.9 billion (EUR316.0 billion/$435.4 billion) under management as at 31 December 2013. Our clients are major financial institutions including pension funds, banks and insurance companies, local and public authorities, governments, charities, high net worth individuals and retail investors.
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