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Inovalis Real Estate Investment Trust announces completion of office property acquisition in Germany with joint-venture partner
Inovalis Real Estate Investment Trust announces completion of office property acquisition ...
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[{"type":"text","content":"\n\n\n\nInovalis Real Estate Investment Trust announces completion of office property acquisition 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.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nTORONTO, Jan. 17, 2018\n\n\n\n/Not for distribution to U.S. news wire services or dissemination in the United States/\n\n\n\nTORONTO, Jan. 17, 2018 /CNW/ - Inovalis Real Estate Investment Trust (the \"REIT\") (TSX: INO.UN) announced today that it successfully completed the purchase of a DGNB Gold certified office property (the \"Property\") in Neu-Isenburg, Germany, as part of a 50-50 joint-venture arrangement with a global institutional investor. \n\nProperty OverviewThe Property is a Class A office building constructed in 2013 and has a gross leasable area of approximately 12,500 m² (134,550 sq. ft). The multi-tenant property is fully occupied and anchored by the high profile tenant Arrow Electronics (ARW-NYSE), an American Fortune 500 manufacturer of electronic components.  In addition to outstanding build quality, the Property has a weighted average lease term of 5.2 years.\n\nThe Property is located in Neu-Isenburg, a key mid-sized city in the greater Frankfurt area and located  less than 10km from downtown Frankfurt. The Property is also anticipated to benefit from the future connection of the S-Bahn (Frankfurt subway network) via the Regional Tangent West and the adjacent urban development project \"Stadtquartier Süd\", which consists of a city led urban intensification project to develop mainly commercial and multi-unit residential properties, with the aim to create a new modern city center. Furthermore, the greater Frankfurt area is a leading financial hub within Germany, and is expected to experience continued macroeconomic tailwinds driven by \"Brexit\" and the move to continental Europe by corporations.\n\nThe Property was acquired through a share purchase agreement, which valued the  Property at approximately €38.3 million (CAD$57.6 million) and included a senior bank loan of €2...