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HSH Nordbank finances Cordings office portfolio purchase

HSH Nordbank is providing Cording Real Estate with a financing of €93 million for the acquisition of the real estate portfolio reported by DIC Asset in April. Cording is acquiring the portfolio on behalf of a joint venture between Danish fund manager Sparinvest Property Investors and family office Esas Properties from Turkey. The purchase price totals around €143 million [we reported].

The ten properties with a total leasable area of around 103,000 square metres are situated at eight well-established office locations in western Germany, including Hamburg and Cologne. Around 90 percent of the total area is used as office space; the occupancy rate is 97 percent. Tenants include such well-known listed companies such as Deutsche Telekom, BASF and Nokia.