German investment manager Values Real Estate has acquired an office property in Kiel for its Values public sector fund.
The office, comprising 15,900 m2 of rental space, is fully leased on a long-term basis to the state of Schleswig-Holstein for its property management division.
The rental agreement includes 175 parking spaces, while Kiel's main train station is only 900 metres away. The seller of the property, which is located in the old town of the Schleswig-Holstein state capital, is Investa Real Estate.
'The property is located in the middle of the old town of Kiel. As an employer, the state of Schleswig-Holstein offers modern office workplaces in a very attractive environment with shopping facilities and lots of restaurants,' said Thilo Wagner, managing director for the firm's health & social infrastructure division.
He added: 'For our Values public sector fund, we were able to win a tenant with a good credit rating and long-term vision in the state of Schleswig-Holstein.'
Due to high demand, especially from partner banks, Values Real Estate has been able to expand the fund to a planned volume of around €500 mln.
'We have now been able to win over 30 investors. The combination of an investment with a social impact and secure rent payments by the public tenants has convinced institutional investors,' added Wagner.
Heuking Kühn Lüer Wojtek advised the buyer on legal and tax matters. ESG and technology due diligence was performed by Cushman & Wakefield.
Source: propertyeu.info on the 5th of July