This article is from the Australian Property Journal archive
MARINER Financial has made a debut in Germany with the purchase of a portfolio of office properties for €48 million euro ($A79 million).
The properties were purchased by Mariner’s wholly owned subsidiary, Mariner’s Securities in London.
Mariner Financial’s managing director Bill Ireland said the assets will seed the Mariner German Property Trust, which will be offered to investors later this year.
The four properties total about 33,000 sqm of lettable space and are being leased to one of Germany’s largest IT service providers. The lease term for all four properties is eight years.
The buildings are spread across Berlin, Kassel in the state of Hesse, and Bavaria’s Nuremberg and Ashheim-Dornach.
“This portfolio presents an exciting opportunity to establish a strategic presence in Europe’s largest real estate sector,” he added.
Ireland said the German commercial real estate market is on an upswing.
“We are attracted to Germany due to its strong growth potential as its economy continues to recover.
“Private equity funds have already discovered the merits of investing in this sector. As well, the introduction of REIT legislation currently underway, will have a long-term positive effect on property values,” he said.
“We have pinpointed Germany as an exciting prospect in the European market. The upswing in the German economy and its attractive commercial sector offer very strong long-term prospects.
“With this acquisition, Mariner has established a strong acquisition capacity in three of the five leading global economies, with property acquisition skills and capacity in the US, Japan and now Germany. We will continue to look for high grade properties in Germany to add to this portfolio,” Ireland concluded.
Australian Property Journal
