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Topic: General News - Publication: from Thomas Daily

Fiat HQ and Berliner Center acquired for €72mn

The property fund Arab Investments has acquired two German properties for a total of €72m. One of the two properties, located at 20-24 Lankwitzer Strasse in Berlin's Steglitz-Zehlendorf district, is a shopping and service center and was acquired from Ratus GmbH for €36.4m. Initial net yield amounts to 6%, annual rental revenue is €2.46m. The second property, located in Frankfurt on Hanauer Landstrasse, is the headquarters for Fiat and was taken over from LHI for €36m. Initial yield amounts to 5.99%. A ten-year rental agreement, stipulating annual rent of €2.25m, exists with Fiat. With these latest acquisitions, Arab Investments has now put a total of €372m into German property. Properties worth around €410m are currently being negotiated. In the latest transactions, Arab Investments was advised by Savills.