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IIB German Property Company Limited (Germany)
In April 2007, IIB acquired a 94.9% stake in a portfolio of three office buildings in Munich Germany namely Simar 2 and Simar 3 against an equity injection of c EUR 67 MM. The project offered a decent return of around 10% p.a. to investors and a cash yield of around 7% p.a. distributed on a quarterly basis.
Subsequent to the successful placement of this deal, the project is currently in its post acquisition stage. INOVALIS team in France is the Asset manager for these properties. The buildings are closely situated on a common site and connected at the basement level. The building of Simar 2 has six floors while the two buildings of Simar 3 have five floors each. The total lettable area for the three properties is 40,511 m2.
The properties hold 100% occupancy and currently generate regular monthly rentals. The properties are currently rented to "Siemens Corporation" – a blue chip German company who is using it as the main office for its Nokia Siemens Network (NSN) operations.
« « Existing Investments
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