AB European Real Estate Fund has successfully extended the lease agreement with tenant Otto Harrassowitz GmbH & Co. KG in Wiesbaden, Germany for 7’500 sqm of office and archive space. As a result, the lease which was set to expire in 2018 is now running until 2022. Otto Harrassowitz is a book publisher for academic and research libraries; the company has been in this property since 2003 and shows commitment to the area and to Wiesbaden, where it is historically established since 1953.
Together with the two other tenants in this property (Dräger and Bildungswerk der Hessischen Wirtschaft), the occupancy level now amounts to over 90%. Only 900 sqm of office space is still available for leasing. This is the only vacancy in the AB European Real Estate Fund, which amounts to only 1.6% of the total (theoretical) rent passing.
The rental agreement with Otto Harrassowitz represents 13% of the total rental income of the Fund’s portfolio and 79% of the total rent of the Wiesbaden property.
About Wiesbaden property
The office complex consist of three interconnected buildings, which enclose three atriums. The buildings are part of a commercial area consisting of six buildings of a similar structure. The buildings were constructed in 2003, and each contains an underground car park. The office areas on each floor can be flexibly subdivided to host multiple tenants if needed. Each floor can be entered via two staircase access points.
Wiesbaden (approx. 273’000 inhabitants) is the second-largest city in the federal state of Hesse and is also its capital. It is advantageously located in the Rhine-Main region, and benefits from excellent motorway links to the nearby cities of Mainz (approx. 210’000 inhabitants, 15km), Frankfurt (approx. 690’000 inhabitants, 36km), and Darmstadt (approx.. 150’000 inhabitants, 46km).