GxP German Properties AG has completed two lettings in an office building in Erfurt. A new lease agreement for a total of 5,780 sqm of office space was signed for a term of six years. Secondly, an existing lease for roughly 2,040 sqm of office space was extended by another two years. The two lease agreements add up to an annual net rent total of approximately €647,000. The successful lettings increased the annualised rent revenues from this property to now €2.34 m per year. The office building was acquired by institutional investors together with GxP, who manages it on a third-party mandate. The office building is located at Europaplatz 1-7.
Illustrative Pic: GxP German Properties
