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Inovalis REIT JV acquires German office asset for €24M

Canada-based Inovalis Real Estate Investment Trust acquired an office asset in Kösching, Germany, with its joint venture partner for €24.4 million and sold an office property in Cologne, Germany, for €22.0 million.

The Kösching property was purchased as part of a 50/50 joint venture with a global institutional investor. Innovalis' interest came to €6.0 million and was primarily funded with cash on hand. The acquisition price included a €14.0 million senior bank loan with a new six year, fixed-rate mortgage.

The fully occupied, 9,900-square-meter office building and research and development facility is anchored by TKI Automotive GmbH and has a weighted average lease term of 10 years.

Innovalis acquired a 49% stake in the Cologne asset in 2015 as part of a joint venture and recorded €500,000 of profit on the sale for 2017.