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Dream Global REIT discloses recent Dutch, German acquisitions

Dream Global REIT said it closed the acquisition of two properties in the Netherlands in May and June and is under contract to buy an office property in Germany.

The real estate investment trust bought the 10,800 square-meter, five-story Transformatorweg 38-72 office building in the Amsterdam submarket of Sloterdijk for €30.5 million, reflecting a going-in cap rate of 4.8%. The REIT paid €22.4 million for the 11,200-square-meter Spicalaan 1 office building in Hoofddorp, reflecting a 4.6% going-in cap rate. Dream Global intends to refurbish both assets. Transformatorweg is 73% leased, with Dell as anchor tenant. Spicalaan is 59% occupied.

The company said it has signed a lease with a technology company for roughly half of Transformatorweg's vacant space. The lease will commence in stages in 2019 and 2020.

Dream Global is also under a contract to buy a 10,600-square-meter office property in Ludwigshafen, Germany, for €16.6 million, reflecting a 5.4% going-in cap rate. The multi-let property has a 92% committed lease. The acquisition is expected to close in the fourth quarter.

The company also disclosed dispositions of noncore assets totaling €49.2 million and opportunistic sales totaling €48.0 million, including €35.5 million from a sale in Offenbach, Germany, which closed July 31. Dream Global will reinvest the proceeds from the dispositions into assets in its target markets.