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Hamborner REIT places €75M notes, agrees €43M property acquisition

Hamborner REIT AG placed €75 million worth of promissory note loans with the proceeds partially marked for a newly agreed €42.8 million property acquisition in Darmstadt, Germany.

The originally planned volume of the note issuance was €50 million, which was increased due to high demand.

The notes were issued with maturities of five years and seven years with both fixed and floating interest rates.

The company has signed a contract to acquire a commercial property from a German bank. The property, in the Darmstadt-Nord district, has roughly 70% retail space along with an office section. The retail space is leased to REWE and the office tenants include Herbalife and Alcan Systems.

The deal reflects a gross initial yield of 5.6% when considering the roughly €1.6 million of expenses required for maintenance. The property produces annual rental income of €2.5 million.

The asset is provisionally scheduled to be transferred in the second quarter.