PRESS & MEDIA
GxP German Properties rents out 2,800 square metres in Hanover
GxP German Properties (GxP), a company specialising in commercial properties in Germany, has re-let a space of about 2,800 square metres in its office building in Hanover Bothfeld-Vahrenheide. Due to the newly concluded rental agreement the vacancy rate falls from just under 26 to 1 per cent.
The new rental agreement with an IT service provider stipulates a term of six years and contains an extension option at the end of this term. The rental agreement starts in December 2016. By April 2017 the new tenant will gradually occupy the entire space. The property measures a total rental space of 10,900 square metres.
Johannes Meran, CEO of GxP: ‘The rental agreement for the property confirms our assessment of Hanover as an extremely exciting real estate location due to the high demand for office space. We also see great potential for generating significant appreciation in the future, coupled with our excellent access to attractive properties and our expertise in the property market.’
Hanover is one of the most attractive investment locations for commercial properties in Germany. The city is home to more than half a million people and is the venue for major industrial and commercial trade fairs such as CeBIT and HANNOVER MESSE. Demand for high-quality commercial properties is correspondingly strong, which results in a low average vacancy rate of 4.4 per cent.
GxP German Properties AG
With its headquarters in Berlin, GxP German Properties focuses on the Acquisition, Ownership and Management of office and retail properties in Germany. The investment strategy focuses on attractive commercial properties in the Core+/Value add segments in metropolitan regions and selected mid-sized cities in Germany. The company’s strategy is to leverage significant appreciation potential through proactive portfolio management whilst safeguarding sustainable rental revenues at the same time. To this end, it draws on both its many years of experience in the property market and its extensive network. Together with institutional investors, the company has invested in a portfolio of high-value properties worth around €180 million and manages the properties as part of its asset management business.
GxP German Properties AG
Europa Center 19. OG
D-10789 Berlin, Germany
TEL: +49 (0)30 886 267 40
FAX: +49 (0)30 886 267 411
Kirchhoff Consult AG
20459 Hamburg, Germany
TEL: +49 (0)40 609 186 65
FAX: +49 (0)40 609 186 60