Acting on behalf of BEAC Zweite Projektentwicklungs GmbH, Mayfield Asset & Property Management have completed the sale of a 6,000sqm office building located within the commercial area of Elmshorn. Situated approximately 30 kilometers from Hamburg, one of the big 7 cities within Germany, the asset was purchased by a local investor.
The advantages of this investment could be demonstrated by the strong covenant strength of the anchor tenant and a WALT of over 7 years, this compounded by a further upside potential due to the circa 25% vacancy. Previously, Mayfield successfully implemented and delivered a stabilizing plan to prepare the property for its eventual sale.
This building formed part of the cross border Vermeer portfolio which Mayfield’s asset and property management teams in Germany, Belgium and The Netherlands have managed since 2006, currently compromising of 49 commercial assets.
The Elmshorn sale marks the fifth building of eleven German Vermeer assets, totaling in excess of 112,000 sqm, which Mayfield have successfully introduced to the market and sold. Further information regarding Mayfield Germany’s investment agency department, and the services they can provide, can be obtained via Andre Gruetzmacher at the Frankfurt head office – details can be found within the contact us page.