Develica Deutschland, the AIM-listed specialist German property fund, has announced that it has exchanged contracts for the acquisition of three office properties in Darmstadt for a total of EUR 34.6 mln, reflecting a yield of 6.01%.
Develica Deutschland, the AIM-listed specialist German property fund, has announced that it has exchanged contracts for the acquisition of three office properties in Darmstadt for a total of EUR 34.6 mln, reflecting a yield of 6.01%.
The three buildings, totalling approximately 22,260 m2, are all located on an extensive office campus development on the outskirts of Darmstadt and are let to Deutsche Telekom. The weighted average lease length is 9.5 years, with three 5-year extension options. Three buildings generate annual rental income of approximately EUR 2.1 mln. CBRE and DTZ acted as advisors on the acquisition.