Record Realty secures German acquisition
Allco’s Record Realty has announced an acquisition of seven high quality property assets in Germany to the value of 333 million Euro (A$565 million).
The portfolio consists of commercial office space leased by Deutsche Telekom for a remaining term of 13.5 years, ensuring a secure income stream for investors.
Record Realty chief executive Stewart Tillyard said he planned to hedge out the capital so that investors were not exposed to any foreign exchange risk.
“Our strategy is to utilise a structured finance approach and utilise leverage safely,” he said.
“We are investing in long-term leases of quality properties that have a high probability of lease renewal.
“We believe Record Reality’s model is the right model to go overseas with.”
Tillyard said the company was currently working on finalising a second transaction and, although he couldn’t give any specific details, said it would bring Record Realty’s underlying asset value to $1.3 billion.
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