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TLG IMMOBILIEN Buys Office Complex In Bonn, Sells 29 Small Retail Properties

TLG IMMOBILIEN said that it acquired office complex in Bonn, and sold 29 small retail properties.

The office complex 'Westside Office' in the Weststadt district of Bonn was purchased from a US family office for a net purchase price of 81.5 million euros on 28 February 2019. Completed in 2001, the building is set to transfer to the portfolio of TLG IMMOBILIEN in April 2019. In total, the two-parts office complex features around 33,600 sqm of lettable office space and 579 parking spaces and enjoys optimal public transport connections.

The disposal of a portfolio of 29 small retail properties, the majority of which are situated in Saxony-Anhalt and Lower Saxony, was notarised in March 2019. These properties are expensive for TLG IMMOBILIEN to manage due to their widespread, non-strategic locations. They are set to be removed from the portfolio at the end of September 2019. The buyer is Greenman. The portfolio has been sold for around EUR 118 m. TLG IMMOBILIEN was assisted with the transaction by the law firm P+P P?llath + Partners and Greenman was assisted by the law firm White&Case LLP.

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