Hamborner Reit has acquired an office property in Kiel for approximately €20,9m. The property is situated in an established office location near Kiel’s central railway and bus station and the high-footfall pedestrian zone of Holstenstrasse. The property offers 6,550 sqm of leasable space with variable partitioning options. Its initial annual rental income of approximately €1.16m will ensure a gross initial yield of around 5.5%. The purchase price will be paid, and the property transferred to Hamborner, immediately after completion of the property and handover to the tenant, which is expected to be in mid-2017. The seller is the developer KPE from Wiesbaden. Hackenberg & Co., Frankfurt/Main acted as the advisor in the acquisition process.
