Press release
2006-04-25
SITQ announces that it has entered into a sale and purchase agreement to acquire a portfolio of four properties in Germany from DB Real Estate, for an amount in excess of 500 m.
The most important Asset is a landmark building located in the Theresienhöhe area in Munich. Built in 2003, its main tenants are Glaxo Smith Kline, BBDO and Yahoo. The three other buildings are located in Munich, Düsseldorf and Frankfurt and are let respectively to Tech Data, Thyssen Krupp Services and Deutsche Bank. These buildings are of modern conception and represent a total area of 182.000 m².
“Ideally complementing the properties bought last year in Frankfurt, this acquisition provides SITQ with a diversified prime office portfolio in the leading office markets in Germany, underlines Paul Campbell, President and Chief executive officer”.
- 30 -
About SITQ
Founded in 1984, SITQ is a real estate investment, management and development firm composed of six financial institutions and pension funds. Its principal shareholder, the Caisse de dépôt et placement du Québec, is Canada’s leading fund manager, with net assets of 122.2 billion dollars Canadian.
A leader in the Canadian real estate industry, SITQ owns assets of 7.1 billion dollars Canadian consisting of 112 properties (29 million square feet) located in Canada, the United States, France, the United Kingdom and Germany.
SITQ to acquire four buildings in Germany
SITQ announces that it has entered into a sale and purchase agreement to acquire a portfolio of four properties in Germany from DB Real Estate, for an amount in excess of 500 m.
The most important Asset is a landmark building located in the Theresienhöhe area in Munich. Built in 2003, its main tenants are Glaxo Smith Kline, BBDO and Yahoo. The three other buildings are located in Munich, Düsseldorf and Frankfurt and are let respectively to Tech Data, Thyssen Krupp Services and Deutsche Bank. These buildings are of modern conception and represent a total area of 182.000 m².
“Ideally complementing the properties bought last year in Frankfurt, this acquisition provides SITQ with a diversified prime office portfolio in the leading office markets in Germany, underlines Paul Campbell, President and Chief executive officer”.
- 30 -
About SITQ
Founded in 1984, SITQ is a real estate investment, management and development firm composed of six financial institutions and pension funds. Its principal shareholder, the Caisse de dépôt et placement du Québec, is Canada’s leading fund manager, with net assets of 122.2 billion dollars Canadian.
A leader in the Canadian real estate industry, SITQ owns assets of 7.1 billion dollars Canadian consisting of 112 properties (29 million square feet) located in Canada, the United States, France, the United Kingdom and Germany.
