Deutsche Real Estate sells Osram-Höfe for €225mn
Summit subsidiary Deutsche Real Estate reports having sold the Carrée Seestraße in Berlin’s Wedding district for €225mn. As TD learned, the buyer is Cording Real Estate Group. It is understood that the initial yield for the former Osram lamp factory with a GFA of 60,000 sqm and about 25 % vacancy is just under 3 %. Cording did not confirm that information; BNP Paribas Real Estate and Cushman & Wakefield, who advised the seller and buyer, also declined to comment. DRE merely states that the sale has a positive effect of about €16mn on pre-tax earnings for the current business year.
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