Germany's Hamborner REIT has signed a preliminary agreement to buy the NuOffice project in Munich's Parkstadt Schwabing district from developer Hubert Haupt. The transaction volume of EUR 40 mln reflects a gross initial yield of 6%, and an internal rate of return of 8%.

The asset is the first of three green buildings being developed by Hubert Haupt in the business park located to the north of Munich. The properties will offer a gross leasable area of 33,000 m2. NuOffice provides 12,000 m2 GLA, which has been pre-let to Esteé Lauder, McLaren and Milon. They will take possession of the asset on delivery in the third quarter of 2012.

Hubert Haupt aims to receive LEED platinum certification for NuOffice.