Hamborner on the home stretch

The Duisburg-based company has submitted the documentation required for registration as a REIT and will assume this status retroactively to 1 January 2010.

The company announced that the new articles of association were submitted for registration in the Commercial Register on the first working day of the new year, namely 4 January 2010. Following registration, which is expected within a few weeks, Hamborner will achieve REIT status retroactively to 1 January 2010. The company will then be known as Hamborner REIT-AG and will be the third Real Estate Investment Trust in Germany after Alstria Office and Fair Value.
Today, Hamborner also published details of the purchase of an office building in Erlangen, which had already been announced by the vendor in December. Accordingly, the Duisburg-based company paid some EUR 18 million including sales tax for the newly constructed “Atrium”. The property is fully let on long-term leases and offers space of 7,300 m² on four storeys.
Hamborner states that the gross initial yield is a good 7.3 per cent. The vendor of the object is a property company owned by the local project developer Sontowski & Partner and Sparkasse Erlangen. According to Hamborner, the transaction was registered at the end of December 2009. Transfer of possession is planned for the first quarter of 2010.

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