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Inovalis Real Estate Investment Trust announces completion of a previously announced acquisition of an office property in Germany with joint-venture partner
Inovalis Real Estate Investment Trust announces completion of a previously announced acqui...
About this update from Inovalis Reit
[{"type":"text","content":"\n\n\n\nInovalis Real Estate Investment Trust announces completion of a previously announced acquisition of an office property in Germany with joint-venture partner\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nInovalis Real Estate Investment Trust announces completion of a previously announced acquisition of an office property in Germany with joint-venture partner\nCanada NewsWire\nTORONTO, Dec. 3, 2015\n\n\n\n/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES/\n\n\n\nTORONTO, Dec. 3, 2015 /CNW/ - Inovalis Real Estate Investment Trust (the \"REIT\") (TSX: INO.UN) announced today that it completed the acquisition, on a joint-venture basis with Eurovalys SCPI, holding respectively 49% and 51%, of an office property (the \"Property\") located in Cologne, Germany.\n\nThe property enjoys a strategic location close to the main highways and public transportation in Cologne, Germany's fourth largest city. Cologne is part of the urban area including Leverkusen and Bonn, at the very heart of Europe's most productive economical region. The region hosts more than 3 millions inhabitants and 150 000 companies.\n\nThe property, completed in 2015, is a five-storey office building providing 65,530 square feet of leasable area and 111 parking spaces. It is fully let to French technology and energy company Cofely GDF Suez on a long term lease until 2025 with no break option.\n\nThe REIT and Eurovalys SCPI have acquired the property at a going-in cap rate of 5.0% for an all-in-cost of approximately €22.7 million (C$ 32.2 million). Eurovalys SCPI is a European non-listed REIT fund managed by Advenis Investment Managers, subsidiary of Advenis.\n\nFollowing the acquisition of the Property, the French properties and the German properties will represent 79% and 21% respectively of Inovalis REIT next twelve months rental income.\n\nDavid Giraud, Chief Executive Officer of Inovalis REIT's, commented: \"This acquisition is a brand new property in a well located and stable market that will further strengthen the quality of Inovalis REIT's portfolio. This...