Hannover Leasing Purchases Office Complex For EUR43mn
News: Germany-based Hannover Leasing has purchased an office complex, Die Direktion, in Münster for EUR43mn (US$59.81mn) from Germany-based Aurelis Asset. The office property is situated in the centre of Münster and has rentable floor space of 23,000 square metres. The complex has 9% retail space on the ground floor and 91% offices on its upper floors. The asset currently has an occupancy rate of 98% and a total of 112 car parking spaces in the property. Hannover Leasing was advised by UK-based law firm Hogan Lovells on the transaction.
BMI View : Germany's commercial real estate sector remains in a strong position into 2014 as the industry continues to benefit from its status as a safe haven amid the uncertainty surrounding the rest of the eurozone.