Cinthia buys six office properties from Hansainvest

20/12/2018

Signal Iduna’s asset manager Hansainvest Real Assets has sold a portfolio of six properties, primarily used as offices, to Cinthia Real Estate. The transaction volume lies in the mid double-digit millions, according to a press release. The properties are located in the Ruhr area (Essen, Duisburg, Oberhausen), Frankfurt, Wiesbaden, and Schwerin, have around 27,500 sqm of lettable space altogether, and were built between 1978 and 1999. Main tenants included the local municipalities, German insurance companies, and other service providers. Hansainvest sees the transaction as part of the strategic restructuring of its portfolio. Four of the properties were from the Spezialfonds Hansareal 2, the other two were from Signal Iduna. Cinthia sees in them “numerous starting points for sustainable value creation”. The properties currently generate €2.7mn in rental income annually. The transaction was advised by Engel & Völkers Investment Consulting and the law firm Zenk Rechtsanwälte Partnerschaft.


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