Allianz Completes EUR 1.3 Billion Sale Leaseback of 7 Office Buildings in Germany

IVG Immobilien AG Web Site - August 13, 2007

IVG Immobilien AG, one of Europe’s major listed real estate companies, has acquired an office property portfolio from Allianz for a purchase price of about € 1.3 billion. The so-called “Core Portfolio” includes seven high-quality office properties in the cities of Frankfurt, Hamburg, Munich (3 properties) and Stuttgart (2 properties). The total rental floor space amounts to 441,000 square metres.

The properties have been fully let long term to Allianz. The agreed purchase price corresponds to a net initial yield of 5.3 per cent after incidental acquisition costs. Ownership of some of the properties will pass to IVG at the end of 2007, while in other cases ownership will pass at the beginning of 2008. Sphere: Related Content