TLG Immobilien AG announced that it has acquired office property in line with its ongoing growth strategy. The company is investing a total of around EUR 50.7 million in the transaction. The seller is ASG ACQUICO IX B.V. and the transaction was brokered by Colliers. Built in 1994 and modernised in 2013, the office building 'Theo & Luise' is in direct proximity to Mannheim City Airport. The third-largest city in Baden-Wuerttemberg is the economic heart of the Rhine-Neckar Metropolitan Region and is well known as an important transport hub in Germany. With a lettable area of around 25,400 sqm and an EPRA Occupancy Rate of 89.4%, the outstandingly well-connected office property boasts attractive potential for value creation. The annualised in-place rent is currently around EUR 3.0 million and the in-place rental yield is around 5.9% on the basis of the contractual rents. The weighted average lease term (WALT) of the rental agreements was 3.9 years as at the conclusion of the contract. The tenants in the property are Deutsche Telekom (through Generalmietgesellschaft GMG), Camelot Management Consultants and Euromaster. The office building has 401 parking spaces. The property is due to be added to the portfolio of TLG Immobilien AG in the first quarter of 2018.