Commercial real estate investor Dream Global REIT in its latest earnings report said it expanded its footprint in Germany with the acquisition of the M22 office asset in Berlin for roughly C$31.6 million, marking a going-in capitalization rate of 4.3%.
The 55,500-square-foot asset, purchased Dec. 29, 2017, is a fully occupied building let to several tenants in the German capital's Mitte district. The property adjoins the 170,000-square-foot Zimmer 56 office building, which the real estate investment trust bought in October 2015.
Meanwhile, under its capital recycling program, the company divested four initial assets and six Dutch properties for a total of C$44.8 million in the fourth quarter of 2017. During full year 2017, Dream Global sold C$151.9 million worth of real estate assets.
