Dream Global buys in Ludwigshafen
Dream Global has agreed to the purchase of an office building located at Walzmühlstraße 65-65a in Ludwigshafen. The Canadian REIT’s quarterly report states that the purchase price is €16.6mn, corresponding to a 5.4% initial yield. The 10,600 sqm building is 92% let with a weighted remaining term of 4.7 years. Dream Global wants to renovate the common areas and views the rents as being 20% below market level. Dream Global concluded purchases for €87.8mn in Q2 comprising two office properties in the Netherlands and the “OH 5” business park in Kassel. This is offset €97.2mn in disposals, including a site previously used by Deutsche Post in Offenbach.
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