Dream Global REIT: 220 million deal with POBA from Korea and a buy in Stuttgart

07/08/2014

Public Officials Benifit Association (POBA), a South Korean pension fund, will be acquiring a 50% interest in seven properties held by Dream Global REIT (formerly Dundee International) for gross proceeds of approximately €221mn. The sale has a capitalization rate of 5.3%; the buildings include ABC Bogen in Hamburg, Löwenkontor in Berlin, Werfthaus and K26 in Frankfurt, doubleU in Düsseldorf, Z‐Up in Stuttgart, and Marsstrasse 20‐22 in Munich. Dream describes it as a long-term joint venture. Michael Cooper, vice chair of the board of trustees of Dream Global REIT, said, “Strategic partners like POBA will help us grow in Germany and potentially elsewhere when we identify appropriate opportunities.” The Canada-based REIT also announced its acquisition of the “Officium” office complex in Stuttgart’s Vaihingen district for €46.9mn. The 25,000 sqm property was built in 2003 by Hochtief; Tishman Speyer was presumably the seller.


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