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Dream Global to acquire German office complex for €92M

Dream Global REIT struck a roughly €92.0 million deal to acquire the Bollwerk multitenant office complex in Stuttgart, Germany, from Landesbank Baden-Wurttemberg.

The company will use proceeds from its recently completed equity offering and a new €55.2 million, 10-year mortgage to finance the transaction, which reflects a 5.3% going-in cap rate.

Including the acquisition of the Airport Plaza in Brussels, Dream Global will have fully deployed the proceeds from the recent offering, the company said.

The fully occupied property has a gross leasable area of 306,200 square feet and features parking, an onsite restaurant and other amenities.

The deal is likely to close in early July.