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Germany's TLG Immobilien pays €59.5M for Hamburg office asset

German commercial real estate company TLG Immobilien AG paid approximately €59.5 million to purchase the Office 3001 property in Hamburg's Altona district from a subsidiary of Orion European Real Estate Fund IV.

The property has a lettable area of about 23,300 square meters and 452 parking spaces, with an occupancy rate, as defined by the European Public Real Estate Association, of 85.2%. The asset generates roughly €3.4 million of annualized in-place rent, reflecting an in-place rental yield of about 6.1%. The weighted average lease term is 6.6 years, according to a release.

Cushman & Wakefield brokered the deal.