Dundee International REIT has acquired an office property in Düsseldorf, Germany for $107.7 million.

The property is located in the Oberkassel district adjacent to the Rhine River and Oberkassler Bridge, which connects the neighbourhood to the city’s Central Business District. It was acquired with a going in capitalization rate of 7.6 per cent.

The three-building complex is located on four acres of land. Two five-storey and one seven-storey buildings make up the property. Two of the buildings underwent renovations and expansions in 2005, while the third was built in 2007.

The 256,000 square feet of gross leaseable area presently has 100 per cent occupation, with a weighted average lease term of 6.4 years. International law firm Freshfields Bruckhaus Deringer, along with bathroom and kitchen fixture manufacturer Grohe AG, are among the tenants.

“We continue to execute our strategy of expanding Dundee International’s presence in the ‘Big Seven’ office markets in Germany,” says Jane Gavan, CEO of Dundee. “Including this latest acquisition, over two thirds of our asset base is now located within these markets.”

This is Dundee’s third office acquisition in Düsseldorf since its initial public offering in August 2011.