Demire has sold a portfolio of 84 non-strategic properties and part of a property located in Darmstadt for a total of €21.6m. Most of the properties are currently leased to Deutsche Post DHL Group. The properties were each sold at values below €500,000. The property in Darmstadt is currently leased to Deutsche Telekom. The total sale price for the properties exceeded the properties’ fair value by more than €3m and roughly 16 % above the current market value. The transaction resulted in a significant decline in the number of properties held by the Demire Group, bringing the total from 178 to 94. This transaction also further reduces the complexity of Demire’s portfolio, which in turn lowers the property management and administrative costs. The sale will also result in a continued improvement in its EPRA vacancy rate (declined from 12.8 % to 10.4 % as of December 31, 2015; pro forma 2016: 10.4 %).
